Tuesday, 18 December, 2018

Growth Slows For Uber With $1 Billion Loss, Report Says

Uber CEO Dara Khosrowshahi. Sustained losses could also push Uber to merge with rivals in India and the Middle East particularly as Uber and Ola share an investor in SoftBank Uber loss tops $1 billion as it seeks to diversify
Jean Garcia | 17 November, 2018, 06:12

RIDE-SHARE company Uber said yesterday its net loss topped US$1 billion (RM4.2 billion) in the recently ended quarter as it pumped money into bikes, scooters, freight and food delivery.

Uber reported a $1.07 billion loss in the quarter ended September 30, adjusted down on earnings before interest, taxes, depreciation and amortization to a loss of $527 million.

It also had $1.54 billion in cash and equivalents.

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

'Fundamental reform' of United Kingdom land needed to combat climate change
It adds the supply of sustainable biomass harvested from United Kingdom sources should also increase. No other reproduction or distribution is permitted without prior written consent.

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 previous year.

The company said it had a 6 percent growth in bookings for ride sharing and delivery services. By early 2018, however, growth slid into single digits. That trailed the second-quarter year-over-year revenue increase of 63 percent. Under the chief executive Dara Khosrowshahi, who took over from Kalanick, Uber has also retreated from some markets where it has suffered losses. Gross bookings - the amount before paying drivers - rose 34 percent, to $12.7 billion. That means Uber expects businesses like Eats, scooters, bikes and freight to contribute to be more of Uber's business, which requires Uber to invest heavily in those businesses.

Some reports suggest that the global ridesharing giant is considering speeding up its plans for an initial public offering to the first half of 2019, rather than the second half of the year.

An investment by SoftBank that closed in January, which gave the Japanese investor a 15 percent stake in Uber, included a provision that requires Uber to file for an IPO by September 30 of next year, or the company risks allowing restrictions on shareholder stock transfers to expire. Last month, Uber announced its intention to expand Eats to cover 70 percent of the US population by the end of this year.

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