Uber’s Growth Slows for a Third Straight Quarter With $1 Billion Loss, Report Says
Uber stomached a $1 billion loss in its third quarter and saw a continued trend of slow growth for its ride-share bookings, Reuters News reported.
The third quarter, ending Sept. 30, marked the third straight quarter that booking growth was in the single digits, according to the news service.
Reuters reports that Uber’s adjusted loss before interest, taxes, depreciation, and amortization was $592 million, but said that number is still down from last quarter and a year ago.
As growth in the ride-sharing portion of the company stalls, Uber is investing in its other ventures. The company, valued at $76 billion, also offers food delivery, freight hauling and earlier this year acquired Jump, a bike-sharing company, and announced that it plans to add electric bikes and scooters.
While 2017 was a tumultuous year for the company, with sexual harassment allegations leading to the second passenger boycott of the year and eventually the resignation of CEO Travis Kalanick. However, new CEO Dara Khosrowshahi is positioning the company for a 2019 initial public offering.
“We had another strong quarter for a business of our size and global scope,” Uber’s chief financial officer Nelson Chai told Reuters News. He went on to emphasize the “high-potential markets in India and the Middle East where we continue to solidify our leadership position.”