Uber posts US$1b loss in quarter as growth in bookings slows

The Uber application is seen on a mobile phone in London Britain

Uber's net losses increased 32 percent quarter over quarter to $939 million on a pro forma basis, though Uber expected these losses as it continues to invest in future growth areas.

Uber Technologies Inc. lost United States dollars 1.07 billion in the three months to September - a 20 percent increase from the previous quarter, but down 27 percent from September 2017, Reuters reports.

On an earnings before interest, taxes, depreciation and amortization basis (EBIDTA), Uber's losses were $527 million, up about 21 percent quarter over quarter.

While continuing to bleed money, Uber reported revenue of $2.95 billion in the quarter, up 38 percent from the same quarter previous year.

The company's slowing growth could be attributed to Uber's rapidly diversifying business, including expansion in its food delivery service, Uber Eats, and new transportation offerings, such as bikes and scooters.

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The US company's net losses widened sharply on a quarterly basis as revenues rose only slightly. This is the third quarter in a row when growth remained in single digits.

Revenue rose 5.4% over the third quarter and gross bookings increased by 6% to reach $12.7bn (£9.78bn), but these figures represent a slowdown in growth when compared with the same period a year ago.

As a private company, Uber is not required to publicly disclose financials, but past year started releasing selected figures.

Uber is considering moving its public debut up from the second half of 2019 to the first half, given concerns about a market downturn and an expected IPO from its chief U.S. rival Lyft, according to Reuters sources. Japan's SoftBank recently took about 15 percent stake in Uber in a deal which foresees an initial public offering by Uber next year. Under the chief executive Dara Khosrowshahi, who took over from Kalanick, Uber has also retreated from some markets where it has suffered losses. It is also unclear how Uber will fare in a shakeout of the crowded global food-delivery industry, and whether its freight business will be widely adopted by fleet managers.

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