Saturday , May 8 2021

Uber's losses continue to grow



Uber Technologies announced that it expanded its losses in the third quarter, during which the number of drivers and drivers increased by 6%, which confirms the slowdown in growth recorded since the beginning of the year.

The US group lost $ 1.07 billion (946 million euros) in the period July-September, 20% more than in the second quarter, but 27% less than in the same period last year; the third quarter of 2017 marked the worst result in its history after the departure of its co-founder and former general manager Travis Kalanick.

The adjusted quarterly loss before financial expenses, taxes, depreciation and depreciation amounted to $ 592 million, compared to $ 614 million in April and June and $ 1.02 billion in the third quarter of 2017.

Chief Financial Officer Nelson Chai, who has been in office since September after three years of vacancy, spoke of a "strong new neighborhood."

In the third quarter, gross provisions amounted to $ 12.7 billion, an increase of 6% versus a quarter and 41% over the previous year.

Their quarterly growth was close to 30% at the end of 2016 and remained above 10% in each of the four quarters of 2017.

Revenues of $ 2.95 billion increased by 5% compared to the second quarter and 38% compared to the same period last year. In April and June, its annual growth was 63%.

Since the arrival of General Manager Dara Khosrovshahi a little over a year ago, Uber has withdrawn from several foreign markets where he has suffered great losses and some expensive activities, such as autonomous trucks.

At the same time, Softbank's Japanese conglomerate completed a 15% stake in January, concluded with an agreement to launch an IPO procedure from Ubera by September 30, at the latest.

The US company could improve this marketing in the first half of next year, hoping to have better market conditions and ahead of its big rival Lifta, according to a source close to the case.

Uber Eats, a food distribution subsidiary, reported $ 2.1 billion in purchases for the third quarter, up 150 percent over a year.


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