Uber losses shrink amid expansion drive
The ride-hailing firm reported a loss of £701.5 million in its latest financial results.
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.
“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).
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.
