Ride hailing company Uber loses $1 billion in third quarter
The third quarter, ending Sept. 30, marked the third straight quarter that booking growth was in the single digits, according to the news service.
Reuters reports that Uber’s adjusted loss before interest, taxes, depreciation, and amortization was $592 million, but said that number is still down from last quarter and a year ago.
he company reports a $1.07 billion USD loss due to its various investments. However the company also reports a 38% rise in revenue, reaching $2.95 billion USD.
But even that growth is down 51% from the previous quarter, showing that, overall, the company’s growth had slowed. The company also earned $12.7 billon USD from gross bookings, up 34% from the previous year. The news comes before the company’s IPO next year, which has seen the company valued at as much as $120 billion USD.