San Francisco: Uber disclosed that its quarterly loss jumped despite taking in more money, as it invested in scooters and other “big bets.” The San Francisco-based smartphone ride star reported it lost $891 million on net revenue of $2.8 billion, while overall bookings rose to $12 billion.
“We had another great quarter, continuing to grow at an impressive rate for a business of our scale,” said Uber chief executive Dara Khosrowshahi.
He added that Uber is investing in “big bets” including restaurant take-away delivery service Uber Eats and “environmentally friendly modes of transport” like Express Pool, e-bikes and scooters.
The company is also devoting resources to what it sees as high-potential markets in India and the Middle East, according to Khosrowshahi. Uber has made a practice of disclosing its earnings, despite not being required to since it is a private company.
It said in May that its revenue revved up in the first quarter of this year and that its value climbed to $62 billion in a new funding round.
The company said its net revenue in the first quarter was $2.5 billion on sales of $11.3 billion. — AFP
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