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Uber's third-quarter net loss widens to $1.46 billion - source
November 29, 2017 / 3:21 AM / 16 days ago

Uber's third-quarter net loss widens to $1.46 billion - source

(Reuters) - Uber Technologies Inc’s quarterly losses widened, a source familiar with the matter told Reuters on Tuesday, as the ride-hailing company wades through legal troubles and faces regulatory scrutiny across the globe.

The Silicon Valley-based company’s net loss increased to $1.46 billion (1.09 billion pounds) in the third quarter from $1.06 billion in the previous quarter, the source said.

Quarterly net revenue rose 14 percent to $2 billion and gross bookings increased 11.5 percent to $9.7 billion, on a sequential basis, the person said.

As a private company, Uber is not required to publicly report its financial results, but earlier this year it began offering a glimpse of its performance by disclosing certain numbers.

On Tuesday, a consortium led by SoftBank Group Corp launched a tender offer for shares of Uber. The Japanese company said some notable early Uber investors including venture capital firms Benchmark, which owns 13 percent of Uber worth $9 billion, and Menlo planned to sell stock.

Uber has been hit by a series of scandals this year with the latest being a regulatory crackdown after disclosing that it paid hackers $100,000 to keep secret a massive breach last year that exposed personal data from around 57 million accounts.

The Financial Times had earlier reported Uber’s third quarter figures.

Reporting by Shubham Kalia and Subrat Patnaik in Bengaluru; Editing by Sunil Nair and Saumyadeb Chakrabarty

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