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Uber loss grows but CEO predicts 2021 profit

Video Credit: Reuters Studio - Duration: 01:08s - Published < > Embed
Uber loss grows but CEO predicts 2021 profit

Uber loss grows but CEO predicts 2021 profit

Uber lost more money in the third quarter compared to last year and the number of monthly active users came in weaker than anticipated.

Conway G.

Gittens has the details.

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Uber loss grows but CEO predicts 2021 profit

The losses are getting bigger at Uber and Wall Street isn't happy.

The ride-hailing app on Monday announced it lost roughly $1.2 billion last quarter, up from $986 million the same time last year.

And that's not the only disappointment... of bigger concern: monthly active users rose less-than-expected in the third quarter, coming in at just 103 million global users... Add to that, expenses which surged by a third.

Those rising costs eclipsed a bigger-than expected increase in quarterly revenues led by a massive jump in its Uber Eats segment.

Not even a plegde by CEO Dara Khosrowshahi that the company will turn a full-year profit by 2021 was enough to offset the misses.

Investors might also been less than impressed with that forecast, since Uber's smaller rival Lyft last week posted results that showed it was well on its way to turn a profit by the end of 2021.

Uber was down in after hours… the stock has plunged 36 percent from the post-IPO high set in the summer.




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