Uber’s quarterly losses widened, a source familiar with the matter told Reuters on Tuesday, as the ride-hailing company wades through legal troubles and faces regulatory scrutiny across the globe.
The Silicon Valley-based company’s net loss increased to $1.46bn (£1.09bn) in the third quarter from $1.06bn in the previous quarter, the source said.
Quarterly net revenue rose 14 per cent to $2bn and gross bookings increased 11.5 per cent to $9.7bn, on a sequential basis, the person said.
As a private company, Uber is not required to publicly report its financial results, but earlier this year it began offering a glimpse of its performance by disclosing certain numbers.
On Tuesday, a consortium led by SoftBank launched a tender offer for shares of Uber. The Japanese company said some notable early Uber investors including venture capital firms Benchmark, which owns 13 per cent of Uber worth $9bn, and Menlo planned to sell stock.
Softbank offered to purchase shares of Uber at a valuation of $4.8bn, a 30 per cent discount to its most recent valuation of $68.5bn, according to a source on Monday.
Uber has been hit by a series of scandals this year with the latest being a regulatory crackdown after disclosing that it paid hackers $100,000 to keep secret a massive breach last year that exposed personal data from around 57 million accounts.
The Financial Times had earlier reported Uber’s third-quarter figures.
Frontpage September 20, 2019