Uber for the third quarter of 2019 reported revenue of $3.8 billion, an increase of 30 percent year-over-year, as gross bookings climbed 29 percent to $16.5 billion. Trips were also on the rise, from 1.3 billion in the year-ago period to 1.8 billion through the three-month period ending September 30 – an increase of 31 percent.
Despite the growth, however, Uber is still hemorrhaging money at an alarming rate. The company posted a net loss of $1.2 billion for the quarter, or roughly 18 percent more than it burned during the same period in 2018. That’s the third largest loss for Uber since the company started reported earnings in 2017 according to The Wall Street Journal.
Uber CEO Dara Khosrowshahi said in an interview after the earnings release that his company expects to reach adjusted EBITDA profitability in 2021.
Even still, Uber’s shareholders aren’t responding to the news favorably. As of writing, the stock is down 8.77 percent to $28.36 after closing at $31.08 yesterday afternoon.
Masthead credit: Uber app by Daniel Fung