Aug 15, 2018

Uber narrows losses but growth slows

Uber narrowed its losses in the second quarter but remains a long way from turning a profit, according to company results published on Wednesday. The ride-hailing firm reported an $891m net loss for the three months to 30 June, compared with a $1.1bn loss a year ago. Revenue growth slowed and the firm continues to face regulatory scrutiny in key markets such as New York. The firm also made $12bn in quarterly gross bookings, which includes both rides and its food-delivery service, Uber Eats, up 40% from a year before. Uber has retreated from major markets China, Southeast Asia and Russia over the last year after failing to fend off local competitors.

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