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Uber's quarterly loss surges over $1 billion as growth slows down

Uber bookings were about $12.7 billion, which is up by 6 percent from the previous quarter.

  • Published: November 15, 2018 11:01 AM IST

The popular ride-hailing company Uber has reported over a $1 billion loss in its third quarter. The San Francisco-based firm recorded 20 percent increase in quarterly loss from Q2, 2018. According to Reuters, the firm lost $1.07 billion in last three months quarter (Q3) ending on September 30.

As per report, Uber’s growth in bookings for various services rose just six percent in the Q3, which is third quarter in a row for single digit growth from last year. Uber bookings were about $12.7 billion in September quarter.

Uber’s adjusted loss before interest, taxes, depreciation and amortization was $592 million, down from $614 million last quarter and $1.02 billion a year ago, noted report. The quarterly revenue was $2.95 billion, a 5 percent jump from the previous quarter and 38 percent rise from a year ago.

Uber last year decided to share selected financial figures publicly. In 2017, Uber sustained double-digit growth quarter-over-quarter, and since the start of 2018, the bookings growth went into the single digit.

Uber declared a 27 percent loss last year in the same quarter on the heels of the departure of Uber’s Co-Founder and former Chief Executive Travis Kalanick. The company which is valued at $76 billion is now facing pressure to show its growth before its planned public offering for some time next year.

“We had another strong quarter for a business of our size and global scope,” Nelson Chai, Uber’s chief financial officer told Reuters. Chai joined Uber in September on this position after the place had been vacant for three years.

He emphasized the “high-potential markets in India and the Middle East where we continue to solidify our leadership position.”

  • Published Date: November 15, 2018 11:01 AM IST