Uber losses shrink amid expansion drive

0
45

Uber losses shrink amid expansion drive

The ride-hailing firm reported a loss of £701.5 million in its latest financial results.


(Laura Dale/PA)
(Laura Dale/PA)

Uber’s losses have shrunk as it continues to invest in expanding, according to the company’s latest financial results.

The ride-hailing firm narrowed net losses to 891 million dollars (£701.5 million) from April to June, a drop on the 1.06 billion dollar (£834.5 million) loss the previous year.

“Going forward, we’re deliberately investing in the future of our platform,” said chief executive Dara Khosrowshahi.

  • 891 million dollars (£701.5m) April to June 2018
  • 1.06 billion dollars (£834.5m) April to June 2017

“Big bets like Uber Eats; congestion and environmentally friendly modes of transport like Express Pool, e-bikes and scooters; emerging businesses like Freight; and high-potential markets in the Middle East and India where we are cementing our leadership position.”

Costly legal battles contributed to the company’s losses, including a case to continue classifying drivers as independent contractors.

Uber, which is planning to go public next year, increased net revenue by more than 50% from last year, to 2.7 million dollars (£2.1 million).

ipanews_266de770-58d7-4cef-9fb2-e94e0f010276_embedded237195889
The Uber app (Matt Alexander/PA)

Figures show the company is attracting an ever-growing number of users, as gross bookings rose to 12 billion dollars (£9.4 billion), incorporating car rides and Uber Eats deliveries – up by 41% on last year.

Uber is one of the world’s most valuable privately held firms, last valued at 72 billion dollars (£56.7 billion).

Mr Khosrowshahi was brought in to help the company last year as it faces growing scrutiny and pressure from regulators.

Press Association

!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?’http’:’https’;if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+’://platform.twitter.com/widgets.js’;fjs.parentNode.insertBefore(js,fjs);}}(document, ‘script’, ‘twitter-wjs’);

(function() {
var zergnet = document.createElement(‘script’);
zergnet.type = ‘text/javascript’; zergnet.async = true;
zergnet.src = (document.location.protocol == “https:” ? “https:” : “http:”) + ‘//www.zergnet.com/zerg.js?id=46430’;
var znscr = document.getElementsByTagName(‘script’)[0];
znscr.parentNode.insertBefore(zergnet, znscr);
})();