Uber posts a wider third-quarter loss as costs soar at the ride-hailing company, sending its shares down ReutersBiz
) on Monday posted a wider third-quarter loss as the company tries to outspend competitors through discounts and invests heavily in loss-making new business ventures, sending its shares down 5.5% in after-hours trading.
Overall, the company’s net loss widened to $1.16 billion in the quarter ended Sept. 30, from $986 million a year earlier, while net loss on a per-share basis narrowed to 68 cents from $2.21. It collected total third-quarter revenues of $3.81 billion, up nearly 30% year over year, beating estimates of $3.69 billion.
Monday’s results also heightened the differences between Uber and Lyft, which only operates in the United States and Canada. Sales from Uber Eats, the company’s fastest-growing unit, rose 64%, but nearly 40% of revenues were spent on incentive and referral payments, as Uber tries to gain market share.
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