Uber posts $1 bn quarterly loss as growth in bookings slows

Uber chief executive Dara Khosrowshahi

Camera Icon Uber chief executive Dara Khosrowshahi

But broader economic conditions and sustained losses could push Uber to merge with rivals in India and the Middle East, particularly as Uber and India-based Ola share an investor in SoftBank Group Corp.

Uber posted lost $1.07bn (£821m) in the three months to September, as the ride-sharing firm gets ready for an open stock offering one year from now.

Adjusted loss before interest, taxes, depreciation and amortization was US$592 million, down from US$614 million in the previous quarter and US$1.02 billion a year ago.

The company, based in San Francisco and valued at $76bn (£58.5bn), is seeking to expand in the haulage, food delivery and electric bikes markets as growth slows in its ride-hailing app, which is now a decade old.

Incomes ascended by 5% on the past quarter to $2.95bn, while net appointments were up 6% at $12.7bn.

Khosrowshahi has focused on growing Uber Eats, which took in US$2.1 billion in booking revenue, marking a 150 percent jump over a year ago and about 17 percent of total bookings.

Uber's latest financial report shows that losses in the Q3 have further expanded from that in Q2, which may not be good news for Uber, which is expected to be listed next year. This is the third quarter in a row when growth remained in single digits.

He has been a technology writer since more than five years.

Khosrowshahi has focused on growing Uber Eats, which took in $2.1 billion in booking revenue, marking a 150 percent jump over past year and about 17 percent of total bookings.

"As we look ahead to an IPO and beyond, we are investing in future growth across our platform, including food, freight, electric bikes and scooters", he said in a statement. The business is doubling the number of loads it connects with truckers every quarter, Uber said. Last month, Uber announced its intention to expand Eats to cover 70 percent of the US population by the end of this year.

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