Uber's Q3 deficit stretches to $1.46 billion

Uber's Q3 losses expanded as the on-demand ride-hailing giant go through legal issues and deals with regulative investigation around the world


BEAM Team

29 Nov, 2017

Uber's Q3 deficit stretches to $1.46 billion | BEAMSTART News

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Uber's quarterly losses expanded, a source knowledgeable about the issue told Reuters, as the on-demand ride-hailing giant go through legal issues and deals with regulative investigation around the world.

The US-based corporation's deficit escalated to $1.46 billion in Q3 2017 from $1.06 billion in Q2, the source mentioned.

Quarterly net earnings increased 14% to $2 billion and overall bookings grew 11.5% to $9.7 billion, on a sequential basis, the individual stated.

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As a non-public firm, Uber is not obligated to publicly disclose its monetary outcomes, however earlier this year it started presenting a sneak peek of its performance by revealing certain numbers.

On Tuesday, a consortium led by SoftBank Group Corp proposed a tender offer for shares of Uber. The Japanese multinational stated some early Uber financiers involving Venture Capital firm Benchmark, which manages 13% of Uber worth $9 billion, and Menlo scheduled to sell stock.

Uber has actually been struck by a set of scandals this year with the most recent being a regulative crackdown after revealing that it paid off hackers $100,000 to conceal a huge breach in 2016 that exposed 57 million individual account profiles.

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