Uber has just released its financial results of third quarter of 2018 and they do not paint a promising picture.
The company’s net losses have increased by 32 percent from Q2 2018 and reached $939 million.
However, these losses are not worrying the company much, as it resolves to invest in future growth areas. Uber plans to rely less on its core ride-hailing business operations in future. It aims for its ride-hailing business to account for below 50 percent of the company’s overall business in the next ten days.
It implies that Uber envisions its businesses like scooters, freight, bikes, and Eats to contribute most to its overall operations. These plans require a hefty investment.
As for its revenue, it increased by 5 percent at $2.95 billion compared to Q2 2018, while as compared to last year, it increased by 38 percent. Moreover, the gross bookings increased by six percent from the last quarter and 34 percent from the last year, making it at $12.7 billion.
Furthermore, UberEats’ gross bookings have grown over 150 percent since the last year, making it $2.1 billion of overall gross bookings.
Only last year, Uber announced that it had plans of 70 percent of coverage of the entire US population by the end of this year.
This announcement also tells a lot about the company’s plans for the coming years.
“We had another strong quarter for a business of our size and global scope,” says Uber CFO, Nelson Chai. “As we look ahead to an IPO and beyond, we are investing in future growth across our platform, including in food, freight, electric bikes, and scooters, and high-potential markets in India and the Middle East where we continue to solidify our leadership position,” he says.