Celebrating 10 Years of Trusted News Discovery
One News Page
> > >

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.


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.

You Might Like

Tweets about this

Recent related videos from verified sources

SoftBank Group CEO Regrets WeWork Bet That Did Not Pay Off [Video]SoftBank Group CEO Regrets WeWork Bet That Did Not Pay Off

SoftBank Group, SoftBank Group, the largest tech investor globally, reported its first quarterly earnings loss in 14 years on Wednesday, after losing $4.7 billion on its WeWork investment.

Credit: Cheddar Inc.     Duration: 02:34Published

How To Approach Uber Shares [Video]How To Approach Uber Shares

Uber posted a quarter that beat on the top and bottom lines on Monday afternoon, but investors and analysts chose to focus on some different numbers. But is the selling over? Although the stock was..

Credit: The Street     Duration: 02:14Published

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.