Uber Loses $1.1 Billion in Third Quarter

Uber Technologies Inc. reports it lost $1.1 billion in July-September, up 20% from the previous quarter but down 27% from the third quarter of 2017.

The ride-hailing service says its adjusted loss before interest, taxes, depreciation and amortization narrowed to $592 million from $614 million in the previous quarter and $1 billion year on year.

Uber’s quarterly revenue of $3 billion was up 5% from the second quarter and 38% compared with the third period in 2017. Sales were fueled primarily by the company’s push into food and freight delivery and electric scooter and bike services. But those businesses, along with development on autonomous driving systems, also hiked costs.

CEO Dara Khosrowshahi has cut losses in poorly performing foreign markets and exited costly ventures. But he also has funneled those savings into new businesses such as Uber Eats, the food delivery service that collected $2.1 billion in revenue in the third quarter.

Sources tell Reuters that Uber may shift the timing of its initial public offering from the second half to the first half of 2019. They cite worries about an economic downturn and the negative impact on the investment market of an expected IPO next year by rival Lyft Inc.