The losses at Uber are mounting, but the ride-hailing heavyweight now predicts it will be profitable in about two years.
Associated PressNEW YORK –
The San Francisco company picked up the pace of its revenue growth, racking up $3.81 billion in the third quarter, 30% more than the same time last year. Last quarter, revenue had grown 14% compared to the prior year. The per-share loss in the latest quarter, however, was smaller than what Wall Street had expected. Analysts were forecasting a loss of 82 cents a share, according to FactSet.Uber convinced more people to use its array of products. The number of monthly active consumers across all its platforms grew to 103 million, up 26% from the same time last year, but below the 104.4 million expected by analysts polled by FactSet.
Khosrowshahi provided few details on how different units within Uber would change for the company to reach its new profitability target. "We think that there's a better answer out there," Khosrowshahi said. California's new law was figured into Uber's future profitability prediction, and Uber is already operating within similar laws in states such as Massachusetts, New Jersey and Connecticut, he said.In New York City, where regulations forced ride-hailing companies to increase prices, it"definitely hurt volumes in the outer boroughs where people need transportation the most," Khosrowshahi said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
5 things to know before the stock market opens Monday
Read more »
Here's what happened to the stock market on MondayThe Dow joined the S&P 500 and Nasdaq in record territory amid optimism around U.S.-China trade, strong economic data and earnings.
Read more »
Uber Q3 earnings preview: Analyst commentary leading up to report - Business InsiderAfter Lyft's rosy results, Wall Street is expecting that Uber will show a similarly strong quarter as the competitive landscape cools down.
Read more »
After a chaotic first week, LAX will expand Uber, Lyft and taxi pickup lotFollowing days of complaints over long lines and long waits, Los Angeles International Airport will significantly expand the new pickup lot for Uber, Lyft and taxis, officials said Monday.
Read more »
McDonald's former CEO to receive generous severance pay, stock optionsFormer McDonald’s CEO Steve Easterbrook, who was fired after engaging in a consensual relationship with an employee, leaves the company with a generous severance package.
Read more »
Uber lost more than $1 billion in the third quarter, but revenue growth improvedUber is still reporting steep losses but its revenue growth is showing some promise.
Read more »