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Uber posts record losses

Uber posts record losses

Uber posts record losses
November 30
03:34 2017

Uber is on course to post record losses in 2017, according to data direct from the company.

From January to September, Uber lost US$2.9 billion – that’s compared to US$2.8 billion for the whole of 2016.

However, it’s also seeing a new high in the gross value of its bookings from rides – US$25.9 billion, reports Bloomberg, citing data Uber showed to shareholders as part of Softbank’s bid to buy a stake in the firm. Uber’s revenue figure for the third quarter is unknown, though it clocked up US$5.2 billion through to June.

Across Asia, Uber’s rivals are providing especially tough competition as India’s Ola, Southeast Asia’s Grab, and the Middle East’s Careem continue to expand, fueled by fresh funding.

Earlier today, Uber added the option of phone payments in Vietnam.

Updated minutes after publishing: Clarified that bookings is the gross monetary value, not the total count.

See more on the ride-hailing war:

Editing by Jack Ellis

(And yes, we’re serious about ethics and transparency. More information here.)

About Steven

Steven’s interested in ecommerce, mobile, smartphone adoption, gadgets, social media, transportation, and cars. If you have any tips or feedback, contact him on Twitter: @sirsteven

source : techinasia

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