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Uber’s third quarter net loss widens to $1.46 billion

Uber has been hit by a series of scandals this year with the latest being a regulatory crackdown after disclosing that it paid hackers $100,000 to keep secret a massive breach last year that exposed personal data from around 57 million accounts.

business Updated: Nov 29, 2017 11:53 IST

Reuters
As a private company, Uber is not required to publicly report its financial results, but earlier this year it began offering a glimpse of its performance by disclosing certain numbers.
As a private company, Uber is not required to publicly report its financial results, but earlier this year it began offering a glimpse of its performance by disclosing certain numbers. (Reuters File Photo)
         

Uber Technologies Inc’s quarterly losses widened, a source familiar with the matter told Reuters on Tuesday, as the ride-hailing company wades through legal troubles and faces regulatory scrutiny across the globe.

The Silicon Valley-based company’s net loss increased to $1.46 billion in the third quarter from $1.06 billion in the previous quarter, the source said.

Quarterly net revenue rose 14% to $2 billion and gross bookings increased 11.5% to $9.7 billion, on a sequential basis, the person said.

As a private company, Uber is not required to publicly report its financial results, but earlier this year it began offering a glimpse of its performance by disclosing certain numbers.

On Tuesday, a consortium led by SoftBank Group Corp launched a tender offer for shares of Uber. The Japanese company said some notable early Uber investors including venture capital firms Benchmark, which owns 13% of Uber worth $9 billion, and Menlo planned to sell stock.

Uber has been hit by a series of scandals this year with the latest being a regulatory crackdown after disclosing that it paid hackers $100,000 to keep secret a massive breach last year that exposed personal data from around 57 million accounts.

First Published: Nov 29, 2017 11:52 IST

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