Uber's third-quarter net loss widens to USD 1.46 billion: Source

Uber Technologies Inc's net loss increased to $1.46 billion in the third quarter from $1.06 billion in the previous quarter, the source said.

Published: 29th November 2017 10:45 AM  |   Last Updated: 29th November 2017 10:45 AM   |  A+A-

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Representational Image.

By Reuters

REUTERS: Uber Technologies Inc's quarterly losses widened, a source familiar with the matter told Reuters on Tuesday, as the ride-hailing company wades through legal troubles and faces regulatory scrutiny across the globe.

The Silicon Valley-based company's net loss increased to $1.46 billion in the third quarter from $1.06 billion in the previous quarter, the source said.

Quarterly net revenue rose 14 percent to $2 billion and gross bookings increased 11.5 percent to $9.7 billion, on a sequential basis, the person said.

As a private company, Uber is not required to publicly report its financial results, but earlier this year it began offering a glimpse of its performance by disclosing certain numbers.

On Tuesday, a consortium led by SoftBank Group Corp launched a tender offer for shares of Uber. The Japanese company said some notable early Uber investors including venture capital firms Benchmark, which owns 13 percent of Uber worth $9 billion, and Menlo planned to sell stock.

Uber has been hit by a series of scandals this year with the latest being a regulatory crackdown after disclosing that it paid hackers $100,000 to keep secret a massive breach last year that exposed personal data from around 57 million accounts.

The Financial Times had earlier reported Uber's third-quarter figures.

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