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Uber Technologies Inc said on Wednesday that growth in bookings for its ride-hailing and delivery services rose 6 percent in the latest quarter, the third quarter in a row that growth has remained in the single digits after double-digit growth for all of last year.
The San Francisco-based firm lost $1.07 billion for the three months ending Sept. 30, a 20 percent increase from the previous quarter but down 27 percent from a year ago, when the company posted its biggest publicly reported quarterly loss on the heels of the departure of Uber co-founder and former Chief Executive Travis Kalanick.
Uber is seeking to expand in freight hauling, food delivery and electric bikes and scooters as growth in its now decade-old ride-hailing business dwindles. The company, valued at $76 billion, faces pressure to show it can still grow enough to become profitable and satisfy investors in an initial public offering planned for some time next year. ADVERTISEMENT
Its adjusted loss before interest, taxes, depreciation and amortization was $592 million, down from $614 million last quarter and $1.02 billion a year ago.
We may lose money on every transaction but we'll make it up in volume?
But seriously, I find it interesting there was absolutely no mention of their plans with self-driving vehicles.
(Score: 2) by takyon on Friday November 16 2018, @12:52PM (3 children)
Big loss = BIG SAVINGS FOR RIDERS!!111
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(Score: 5, Informative) by canopic jug on Friday November 16 2018, @12:59PM (2 children)
Price dumping. Something notable is that investors subsidize about 60% of the ride [vice.com], giving the illusion to the rider that the price is 40% of what it should be. Works until either they run out of ventur capital or they succeed in knocking the bottom out of the taxi market. The whole thing appears to be just a scam to increase the foothold the "gig economy" has and eliminate hourly and salaried workers. They try to make zero-hour contracts somehow accepted while foisting the operating expenses off onto the workers themselves.
Money is not free speech. Elections should not be auctions.
(Score: 2) by takyon on Friday November 16 2018, @01:09PM
It will be a tenuous foothold for the gig economy. They want to replace drivers with driverless cars, which could legitimately decrease costs to below that of taxi service. Google is planning a soft launch for their driverless car service next month (story will come out in 35 minutes).
It will take at least a few years for that transition to take place, but Uber will probably still be alive and kicking during that period, frustrating attempts to regulate it. The end result will be both taxi drivers and gig drivers kicked to the curb to die.
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(Score: 0) by Anonymous Coward on Friday November 16 2018, @02:05PM
UBER wouldn't exist if they had to hire the drivers as employees. They are a software company. Take it or leave it.