Uber reports $1.1b loss in latest quarter

Uber reported a $1.1 billion net loss in the third quarter, in figures released after the US stock exchange closed on Thursday.

The world’s biggest ride-sharing app has struggled with the impact of the corona virus pandemic on its business, but it had recorded even higher losses in the same period last year due to enormously high investments and costs.

After a slump at the start of the pandemic, Uber’s business is recovering but remains badly hit.

Revenue fell by 18 per cent to $3.1 billion in the latest quarter.

Despite all its problems, the company is sticking to its goal of achieving a quarterly profit before interest, taxes, depreciation and amortization before the end of 2021.

The figures did not go down well with investors, with stocks in Uber dropping sharply immediately after markets closed.

Analysts had expected significantly better results.

Source: GNA

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