Uber shares skid as losses widen, Transport

Uber loses $1.2B in the most recent quarter

Uber loses $1.2B in the most recent quarter

Also contributing to the company's losses for the quarter were stock-based compensation expenses, which added another $401 million to the tallies against the company.

Uber's stock lockup is also set to expire this week, meaning many employees will likely be cashing in their shares soon.

During the same period, Uber reported a net loss of $1.16 billion for the quarter, topping its $986 million loss during the same quarter of 2018.

Gross bookings grew to $16.5 billion, which was 29% more than the same time past year, but lower than the $16.7 billion expected by analysts polled by FactSet. But Uber Eats' revenue managed to grow an impressive 64% year-over-year and amounted to $645 million despite being withdrawn from South Korea in September due to pressuring competition which is also present in other countries.

Uber shares were down more than 5 p.c in after-industry trade that followed release of the earnings figures. Uber's most established segment, rides, grew 19% year over year to $2.90 billion.

CEO Dara Khosrowshahi said Monday that the company's goal is to reach profitability - when adjusted for interest, taxes, depreciation and amortization - for the full year of 2021. This resulted in a revenue of 3.8 billion, compared to $ 2.9 billion a year earlier. Uber revised its annual loss forecast to between $2.8 billion and $2.9 billion, an improvement of $250 million.

Sales from Uber Eats, the company's fastest-growing unit, rose 64%, but almost 40% of revenues were spent on incentive and referral payments, as Uber tries to gain market share. Uber ATG is developing Uber's self-driving technology. The segment covered Uber's Corporate G&A and Platform R&D of $623 million. Gross bookings continue to decelerate and variable costs, including on marketing, rise.

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Despite heavy price cuts for customers, Uber missed Wall Street's estimates for monthly active users in the quarter, delivering 103 million riders worldwide versus the predicted 105.5 million.

But the company promised it would be profitable by the end of 2021 as quarterly revenue beat expectations.

© Provided by The Associated Press FILE - In this May 10, 2019, file photo the statue of Fearless Girl stands in front of the New York Stock Exchange before Uber holds its initial public offering. Last quarter, revenue for the segment came in at $595 million. To show why, Uber broke its earnings down by business enterprise region, distinguishing its main "rides" application from Uber Eats, Uber Freight, and other functions.

It collected total third-quarter revenues of $3.81bn, up almost 30 percent compared to the same period past year, beating estimates of $3.69bn.

Total revenue rose almost 30 per cent to US$3.81 billion, beating estimates of US$3.69 billion.

Uber recently agreed to take a majority stake in Cornershop, an online grocery provider in Chile, Mexico, and which recently expanded to Peru and Canada. Instead of opening the app to find a map, you now see two buttons that let you choose between rides or eats. The app is now testing in hundreds of U.S. and other global cities.

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