Uber loses $1bn in three months as growth slows

Uber has reported a quarterly loss of $1.07bn (£820m) as it pumped money into bikes, scooters and food deliveries.

July to September’s losses were $177m (£136m) higher than the quarter from April to June — and come as the ride-hailing giant prepares for a keenly anticipated flotation next year.

Revenue rose 5.4% over the third quarter and gross bookings increased by 6% to reach $12.7bn (£9.78bn), but these figures represent a slowdown in growth when compared with the same period a year ago.

It was the third quarter in a row that Uber’s quarter-on-quarter bookings growth has remained in single digits after double-digit growth through the whole of 2017.

The company, based in San Francisco and valued at $76bn (£58.5bn), is seeking to expand in the haulage, food delivery and electric bikes markets as growth slows in its ride-hailing app, which is now a decade old.

Article source: “https://news.sky.com/story/uber-reports-107bn-third-quarter-loss-amid-slowing-growth-in-bookings-11554601”