Uber loss tops US$1b as it seeks to diversify

Uber sign in office

On an earnings before interest, taxes, depreciation and amortization basis (EBIDTA), Uber's losses were $527 million, up about 21 percent quarter over quarter.

"As we look ahead to an IPO and beyond, we are investing in future growth across our platform, including food, freight, electric bikes and scooters", he said in a statement.

The company also broke out some figures for Uber Eats for the first time, saying it accounted for $2.1 billion in gross bookings in the third quarter.

It said that gross bookings - the total amount it generates in fares - had risen by 34 per cent in the third quarter compared with the same period past year to $12.7 billion.

The sustained losses and economic conditions could push Uber to merge with rivals in India and the Middle East. The San Francisco-based firm recorded 20 percent increase in quarterly loss from Q2, 2018.

Appointments development slid into the single digits on a quarterly premise toward the beginning of this current year, Reuters said.

Uber's latest financial report shows that losses in the Q3 have further expanded from that in Q2, which may not be good news for Uber, which is expected to be listed next year.

But Khosrowshahi has plowed the savings back into its freight-hauling, food-delivery, and electric scooter and bikes businesses. Japan's SoftBank recently took about 15 percent stake in Uber in a deal which foresees an initial public offering by Uber next year. Gross bookings - the amount before paying drivers - rose 34 percent, to $12.7 billion.

Uber is considering moving its public debut up from the second half of 2019 to the first half, given concerns about a market downturn and an expected IPO from its chief USA rival, Lyft Inc, according to sources familiar with the matter. The business is doubling the number of loads it connects with truckers every quarter, Uber said.

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