The Strategist

Uber Technologies loss in Q3 grows to $ 1.07 billion

11/15/2018 - 14:23

The net loss of Uber Technologies taxi service increased in Q3 by 20% qoq to $ 1.07 billion, reports The Wall Street Journal, citing the company's financial report.

Uber Technologies is not a public company and is not required to report on its financial performance. Nevertheless, the company has been providing reports for the last few quarters, preparing for an initial public offering (IPO).

The company's revenue grew in Q3 by 38% in annual terms to $ 2.5 billion. At the same time, the value of orders increased by 34% to $ 12.7 billion.

“We invest in growth in all divisions of our platform, including Uber.Eats food delivery service, ordering bicycles and scooters,” said Uber Technologies CFO Nelson Chai. The company is focusing its efforts on the markets of India and the Middle East.

Uber Technologies made a profit of $ 2.46 billion in the first quarter thanks to the consolidation of operations in Russia and the countries of Southeast Asia. Excluding these transactions, which were the sale of assets and brought the company about $ 3 billion, Uber Technologies would have a loss of $ 2.5 billion in the current fiscal year. The company’s loss in the last fiscal year was $ 4.5 billion.

Uber Technologies provides taxi services. Established in 2009, the company is headquartered in San Francisco (USA). Uber services are available in more than 100 cities around the world. The company receives 20% of the cost of each call from the taxi drivers working for it.