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Uber reports on loss growth of 20%

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Uber reports on loss growth of 20%
November 05
09:00 2019

Uber Technologies, the world-known service on taxi ordering and food delivery, has released a quarterly report. In principle, the growth of the company’s losses did not come as a surprise. So, over the quarter the net loss has grown 20% and amounted to 1.16 billion US dollars (0.68 US dollars per share). Uber attributes the gigantic losses to rising development costs. Analysts expected the company’s loss to be $ 0.7 per share. Uber’s revenue has grown 30% – to $ 3.81 billion (better than the forecast of $ 0.18 billion).

Dara Khosrowshahi, the head of the company, is pleased with the results. The businessman of the Iranian descent has promised to make the company profitable in two years. In his opinion, this will happen due to the scaling of the business, effective management and development of technologies.

Over the quarter, the total volume of Uber orders has grown 29% – up to 16.5 billion US dollars. The number of active users is 103 million people (last year it was 82 million). The taxi service revenue has risen to $ 2.9 billion (19%), Uber Eats service earnings have jumped as much as 64% –  to $ 645 million.

Quarterly expenditures are estimated at a huge amount of $ 4.92 billion.

The market hasn’t shared the head’s enthusiasm, so after reporting, Uber shares have fallen by 5.5%.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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