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Uber incurs $1bn losses in Q3 ahead of IPO

Uber incurs $1bn losses in Q3 ahead of IPO

Mubasher: Uber Technologies Inc posted a loss of $1.07 billion during the third quarter of 2018, up from $891 million in Q3-17.

The US ride-hailing company attributed the loss increase to investments in new services ranging from food deliveries to scooters, according to a recent statement.

Sales of the ride-hailing firm rose 5% year-on-year reaching $2.95 billion for the three-month period ended September.

The company is expected to go public in 2019.

“Wall Street expectations may be particularly high for Uber. It is valued at around $70 billion on the private market, making it the most highly valued US startup,” CNN said.

Nelson Chai, Uber's CFO, said that the riding company targets going beyond the initial public offering (IPO) by investing in new projects represented in food, freight, electric bikes and scooters.

Gross bookings for the service hiked 150% year-on-year to $2 billion in Q3-18.

"We can be your everyday Uber service, your everyday eating service in terms of breakfast, lunch dinner, and I think we can play a very big part in how freight is moved around this country and hopefully internationally as well,” Chai added.