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Uber Posts $800 Million Loss in Third Quarter
Ride-hailing service Uber Technologies Inc. more than doubled sales in the third quarter to $1.7 billion and tallied a $2.2 billion net profit. But it lost $800 million before interest, taxes and special items, according to tech news website The Information.
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Ride-hailing service Uber Technologies Inc. more than doubled sales in the third quarter to $1.7 billion and tallied a $2.2 billion net profit. But it lost $800 million before interest, taxes and special items, according to tech news website The Information.
Privately held Uber doesn’t report its financial results. But the company briefed investors last week on its performance.
The loss was driven by Uber’s unsuccessful but costly struggle for market share in China, a price war with rival Lyft Inc. and spending on its autonomous vehicle project and UberEats food delivery service, according to The Wall Street Journal.
In August Uber agreed to sell its China operations to Didi Chuxing Technology Co. The deal gained Uber a $1 billion investment from Didi and a minority stake in the ride-share and taxi-hailing company.
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