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Uber Posts $1 Billion Loss in Quarter as Growth in Bookings Slows

posted by chromas on Friday November 16 2018, @10:24AM   Printer-friendly
from the taking-investors-for-a-ride? dept.

martyb writes:

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.

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  • (Score: 4, Insightful) by Phoenix666 on Friday November 16 2018, @06:11PM (2 children)

    by Phoenix666 (552) on Friday November 16 2018, @06:11PM (#762770) Journal

    I'm no accountant, but even a large company like Apple would feel a loss like that. $1 billion in one quarter? Damn.

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  • (Score: 2) by edIII on Friday November 16 2018, @10:13PM

    by edIII (791) on Friday November 16 2018, @10:13PM (#762865)

    Meh, it all depends if it was part of the plan. Loss-leading should be punished by firing-squad. That's not competition, but the richest group winning by default. Spending money to ultimately kill most of your competitors, then raising prices and expanding, is an unfortunate reality in the toxic c-suite culture that rewards sociopathic behavior.

    Unfortunately, loss-leading kinda works. Which gaming console was it again that lost a lot of money, but made it back up with fees on all the titles?

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  • (Score: 0) by Anonymous Coward on Saturday November 17 2018, @05:15AM

    by Anonymous Coward on Saturday November 17 2018, @05:15AM (#762972)

    Not if it's somebody else's money, like in Uber.