Uber, the ride-sharing company, has released its Q3 2018 financial results. The company’s net losses increased 32 percent quarter over quarter to $939 million on a pro forma basis. However, Uber did anticipate these losses as it continues to invest in scooters, bikes, and other new businesses.
On an earnings before interest, taxes, depreciation, and amortization basis (EBIDTA), Uber’s losses totaled $527 million, which is up about 21 percent quarter over quarter. Uber, which is expected to go public sometime in 2019, has started to present income statements with stock-based compensation.
Uber CEO Dara Khosrowshahi believes the ride-hailing business will account for less than 50% of Uber’s overall business in 10 years. It appears that Uber is expecting its new acquisitions like Eats, scooters, bikes, and freight will play a more prominent role in the business, which means Uber will continue to invest heavily in these businesses.
Revenue for Q3 was up five percent quarter over quarter at $2.95 and up 38 percent year over year. Gross bookings were up six percent quarter over quarter and 34 percent year over year at $12.7 billion.
This quarter marks Uber’s first quarterly earnings report under CFO Nelson Chai. Uber had been without a CFO for more than three years and brought Chai on just three months ago.
“We had another strong quarter for a business of our size and global scope,” Uber Chief Financial Officer Nelson Chai said in a statement. “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.”
