Uber Loss Widens amid Costs Rise
5th Nov 2019, California- Cab aggregator firm Uber posted a third-quarter result which shows the loss of the company widens in each quarter of 2019.
The reason for these losses is deep discounts and invests heavily in loss-making new business ventures, said the ride-hailing company.
After the announcement of third-quarter results, Uber shares drop 5.5% in after-hours trading.
However, Uber said it would be profitable by the end of 2021 as quarterly revenues, driven by its global ride-hailing business, beat expectations.
Uber Chief Executive Dara Khosrowshahi told Pixr8 News, "the company as a whole would achieve adjusted EBITDA profitability for the full year of 2021, but declined to provide details on the performance of individual business units by that time."
As per the...