Nov 15, 2018

Uber loss tops $1bn loss ahead of planned IPO next year

Uber posted a loss of $1.07bn in the three months to September, as the ride-sharing firm prepares for a public stock offering next year. It is under pressure to become more profitable for a planned offering of its shares to the public next year. Net losses widened sharply to $1.07bn from $891m, figures from Uber showed, as revenues and bookings rose only slightly. "We had another strong quarter for a business of our size and global scope," Uber chief financial officer Nelson Chai said in a statement. Japan's Softbank has taken a 15% stake in Uber in a deal which foresees an initial public offering by Uber next year.

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