Uber clocks up another loss but bookings rise ahead of float in 2019

Uber today parked a $1.07 billion (£824 million) loss for the three months to September, a 20% rise on the previous quarter, as the cabs and deliveries firm revs up for a stock market flotation next year.

Bookings for its rides and deliveries rose 6% to $12.7 billion in the quarter, but that compared to double-digit growth for all last year.

Finance boss Nelson Chai described it as “another strong quarter for a business of our size and global scope”, and talked up more expansion plans.

“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.”

The firm was recently valued at $72 billion, but is under pressure to prove it can turn a profit and hit investment targets before a listing on the stock market.

Uber has quit heavily loss-making markets and shut down projects.