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Uber lost more than $1 billion last quarter

Uber lost more than $1 billion last quarter
[Photo: why kei/Unsplash]

The ride-hailing company posted its Q3 financial results and, well, it was a bit of a mixed bag. Here are the highlights:

  • The company lost $1.07 billion in the quarter.
  • It says much of that loss was due to the company continuing to invest in new areas such as freight shipments, bicycles, and scooters.
  • Still, revenue rose 38% YOY to $2.95 billion.
  • Uber made $12.7 billion from gross bookings (the money it makes after paying drivers their cut)–a 41% YOY gain.

Uber is still a private company, so it’s not required by law to disclose its financials. However, as you can see, it chooses to disclose a limited number of metrics each quarter. But all this will change next year if Uber’s much-anticipated IPO happens. If it does, the company could be valued as much as $120 billion–up from the $76 billion it’s currently valued at now, says Reuters.

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