Ride-share company Uber Technologies Inc on Wednesday said that its net loss topped US$1 billion in the third quarter as it pumped money into bikes, scooters, freight and food delivery.
While a private company, Uber has taken to sharing quarterly earnings figures as it prepares for an initial public offering (IPO) next year.
Figures released by Uber showed the San Francisco-based company lost US$1.1 billion on revenue that grew to US$3 billion, while overall bookings rose to US$12.7 billion.
“We had another strong quarter for a business of our size and global scope,” Uber chief financial officer Nelson Chai said in a statement shared along with the earnings figures.
“As we look ahead to an IPO and beyond, we are investing in future growth across our platform, including in food, freight, electric bikes and scooters, and high-potential markets in India and the Middle East,” Chai said.
In the previous quarter, the smartphone-summoned ride service reported it lost US$891 million on net revenue of US$2.8 billion, with overall bookings of US$12 billion.
Uber is eyeing a valuation above US$100 billion for its share offering due next year, which would be the biggest-ever in the tech sector, sources familiar with the plan said last month.
The sources told reporters that the global ride-sharing giant is considering speeding up its plans for an IPO to the first half of next year, rather than the second half.
Uber, which operates in more than 60 countries, is already the largest of the venture-backed “unicorns” valued at more than US$1 billion, which until recently was considered rare without tapping stock markets.
Its most recent investment — a US$500 million injection from Japanese auto giant Toyota Motor Corp — was made at a reported valuation of US$72 billion.
Uber offered no comment on the IPO plans.
The company is due to make a market debut by the end of next year as part of an investment deal with Japan’s Softbank Group Corp, which has a stake of about 15 percent.
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