- Uber reported its third-quarter financials to select media outlets on Wednesday.
- The numbers show widening losses and slowing growth as the ride-hailing giant races towards a public stock offering.
- It’s the first time the company has provided specific data for Uber Eats.
Uber has released its in-house financials for the third quarter. The numbers show widening losses and slowing growth for the ride-hailing giant as it races towards an IPO as soon as next year.
Here are the important numbers:
- Revenue: $US2.95 billion, up 38% from the previous year.
- Adjusted net loss: $US939 million, up 38% from the previous quarter.
- Gross bookings: $US12.7 billion, up 34% from the previous year.
While revenue is still climbing steadily, the increase is much smaller than its 63% year-over-year jump in the second quarter, according to the Wall Street Journal. Cash and cash equivalents are also growing, sitting at a staggeringly high $US4.8 billion.
“We had another strong quarter for a business of our size and global scope,” CFO Nelson Chair said in a press release. “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.”
Uber Eats accounted for $US2.1 billion of overall gross bookings, and is growing at more than 150% annually, according to Tech Crunch. It’s the first time Uber has broken out specific data points for the service, which is also now included in Uber for Business, allowing employees to expense meals in addition to rides.
As it eyes an IPO as early as next year, the company is looking to trim its losses and increase recurring and diverse revenue streams, both of which Wall Street will be looking for. It’s even reportedly considered selling off a minority stake in its cash-intensive Advanced Technologies Group, which handles things like self-driving cars, to help with cash burn.
Uber is racing towards an IPO as soon as next year, with reported valuations as high as $US120 billion. Lyft, its much smaller but still closest competitor, is also aiming to go public, with a valuation near $US20 billion. Lyft has already signed on Credit Suisse to assist in the book-running for its listing, with others reported to also be on board.
There’s still no word on when exactly the company may file its registration statement with the Securities and Exchange Commission, but investors will likely be clamoring at the gate when Uber heads to Wall Street. In October, Uber sold $US2 billion worth of high-yield bonds in an oversold auction that had more demand than could be fulfilled.
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