Uber enjoys increase in bookings, but remains in loss :: Investor.bg

Photo: Reuters

Uber Technologies, a US-based company, announced that growth in the provision of joint travel and supply services increased by 6% in the last quarter. This is the third consecutive quarter in which growth is one-way after double-digit jumps in the past year, Reuters reported.

The San Francisco-based company lost $ 1.07 billion in three months to September 30, an increase of 20 percent compared to the previous quarter, but 27 percent less compared to the same period last year when the company reported the largest quarterly loss compared with the abandonment of co-founder and chief executive Travis Calanic.

Uber wants to expand its business in transportation, food and electric bicycle and scooter supplies, as the growth of its joint venture, beginning a decade, begins to weaken. The $ 76 billion company, under pressure, shows that it can still grow enough to be profitable and satisfy investors in the initial public offering it plans at some point in the next year.

His adjusted earnings before interest, taxes and depreciation amounted to $ 592 million, down from $ 614 million in the previous quarter to $ 1.02 billion a year.

"We had another strong quarter for business size and global reach," said Nelson Chai, Uber's Chief Financial Officer, who joined the team in September after the site was vacated for three years. He points out "large potential markets in India and the Middle East, where we continue to strengthen our leadership position."

However, economic conditions and continued losses can accelerate Uber with its competitors in India and the Middle East, especially since Uber and India from Ola have a common investor in the SoftBank group.

Urbino gross reserves reached $ 12.7 billion, up 6% from the previous quarter and 41% more than the same period last year. At the end of 2016, Uber's three-month reserve rose by 30%, and at the beginning of 2017, they still generated double-digit leaps on a quarterly basis. Earlier this year, however, this rate slowed to a single digit.

Revenue for the quarter was $ 2.95 billion, up 5 percent from the previous and 38 percent more than a year earlier.

As a private company, Uber is not required to publicly announce its financial results, but since last year it began to disclose them.

Since Dara Korsrovashi took over the role of Executive Director of Uber more than a year ago, the company withdrew from foreign markets, which led to huge losses and closed some of the companies that spent too much on it, such as self-governing trucks. But Kosroshasha's strategy is to invest more in other directions, such as freight transport, food supplies and electric scooters and bicycles.