Uber’s net loss widened by $177 million in the third quarter as the ride-hailing giant continued to invest ahead of a planned public stock offering next year.
The San Francisco company lost just over $1 billion from July through September, compared with an $891 million loss in the second quarter. But Uber’s ridership and revenue continued to grow, albeit slower than in previous quarters.
Revenue rose 5.4 per cent from the second quarter to $2.95 billion, while gross bookings were up 6 per cent to $12.7 billion.
Chief Financial Officer Nelson Chai says the company is investing in growing businesses that include food and freight delivery and electric bikes and scooters. He says the company also is investing in India and the Middle East.
The Associated Press