Tuesday , May 30 2023

Uber Reports Quarterly $ 1,000 Million Loss Due To Lower Class Rise


SAN FRANCISCO – Uber Technologies Inc. said on Wednesday that the growth in its stock of shipping and shipping services increased by 6% in the last quarter, while the third quarter followed that the expansion remained single digits after its double-digit growth. in 2017.

The company, based in San Francisco, announced losses of $ 1.07 billion for the period ended September 30. The figure represents an increase of 20% compared to the previous quarter, but is down 27% compared to the same period last year when the company reported its biggest quarterly loss after the co-founder and former CEO Travis Kalanick.

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Uber wishes to grow in freight transport, food delivery and rental of electric bicycles and skateboard due to the inability of its traditional activities. The company, valuing $ 76,000 million, faces the pressure to show that it can continue to expand enough to be profitable.

The company said its loss before interest, taxes, depreciation and amortization was $ 592 million, compared with a $ 614 million deficit in the last quarter and a $ 1.02 billion decline in the same period last year.

"We had another stable quarter for a large and global business," said Nelson Chai, head of Uber's financial service. The executive spoke with particular emphasis on "high-dynamics markets in India and the Middle East, where we continue to consolidate our leadership."

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Uber's gross reserves amounted to $ 12,700 million, up 6% over the previous quarter and 41% over last year.

Revenue for the quarter amounted to $ 2,950 million, representing an increase of 5% compared to the previous three months and an increase of 38% on an annual basis.

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