Business Companies 29 Nov 2017 Uber's Q3 net l ...

Uber's Q3 net loss widens to USD 1.46 billion amidst crisis: sources

REUTERS
Published Nov 29, 2017, 12:31 pm IST
Updated Nov 29, 2017, 12:31 pm IST
Quarterly net revenue rose 14 per cent to USD 2 billion and gross bookings increased 11.5 per cent to USD 9.7 billion.
Uber's net loss increased to USD 1.46 billion in the third quarter from USD 1.06 billion in the previous quarter, said sources. (Photo: AFP)
 Uber's net loss increased to USD 1.46 billion in the third quarter from USD 1.06 billion in the previous quarter, said sources. (Photo: AFP)

Uber Technologies Inc’s quarterly losses widened, a source familiar with the matter told Reuters on Tuesday, as the ride-hailing company wades through legal troubles and faces regulatory scrutiny across the globe.

The Silicon Valley-based company’s net loss increased to USD 1.46 billion in the third quarter from USD 1.06 billion in the previous quarter, the source said.

 

Quarterly net revenue rose 14 per cent to USD 2 billion and gross bookings increased 11.5 per cent to USD 9.7 billion, on a sequential basis, the person said.

As a private company, Uber is not required to publicly report its financial results, but earlier this year it began offering a glimpse of its performance by disclosing certain numbers.

On Tuesday, a consortium led by SoftBank Group Corp launched a tender offer for shares of Uber. The Japanese company said some notable early Uber investors including venture capital firms Benchmark, which owns 13 per cent of Uber worth USD 9 billion, and Menlo planned to sell stock.

Uber has been hit by a series of scandals this year with the latest being a regulatory crackdown after disclosing that it paid hackers USD 100,000 to keep secret a massive breach last year that exposed personal data from around 57 million accounts.

The Financial Times had earlier reported Uber’s third quarter figures.

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