Uber Reports Over $1.1 Billion in Losses for Q3

Video Credit: Wibbitz Top Stories
Published on November 5, 2019 - Duration: 01:32s

Uber Reports Over $1.1 Billion in Losses for Q3

Uber Reports Over $1.1 Billion in Losses for Q3 The car service's stock dropped 5 percent after news of the fall was released.

A big part of the drop, just over $400 million, is from stock compensation.

Around this time last year, Uber posted a net loss of $986 million.

The company was still able to beat a few estimates for this year's third quarter.

Against a predicted loss per share of 81 cents, Uber reported 68 cents.

Uber's revenue for Q3 was $3.81 billion, which was slightly above estimates.

Since this time in 2018, Uber's operating segments, including Eats and Rides, have also grown.

Year over year, Rides grew 19 percent and 64 percent has been reported for Eats.

Uber Freight is up 78 percent since 2018.

Compared to growth in pass years, CEO Dara Khosrowshahi says Uber will now focus on efficiency and profitability.

Dara Khosrowshahi, via statement

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