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Uber Quarterly Losses Expand Amid Increased Costs

uber shares slipPhoto: Reuters

Uber Technologies reported on Monday about the loss expansion in Q3 due to increased costs, as a result of which the company's shares dipped by 5.5 percent during the non-working hours of the trading session.

Uber spending accounted to about 33 percent to reach $4.92 billion.

Company’s incurred a net loss of $1.16 billion at quarterly rate for a period, which ended on September 30, in contrast to the prior year reading of $986 million, whereas, a net per share loss showed a contraction from the prior reading of $2.21 to only 68 cents per share.

Q3 total revenue was of $3.81 billion, posting an increase of almost 30 percent at annual rate and exceeding the analysts expectations of $3.69 billion.

The number of active users of taxi search, bicycle rental and food delivery per month increased from 82 million to 103 million worldwide in Q3 on year-on-year basis. At the same time, analysts predicted growth to 105.5 million, according to IBES data.

The revenue of the taxi order branch grew by around 19 percent, reaching $2.90 billion, while Uber Eats sales, the company’s fastest developing division, increased by 64 percent.

Uber shares slipped by 0.92 percent at 13.11 GMT on Tuesday.

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