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Report: Uber Lost Almost $1.5 Billion in Third Quarter

The Associated Press

byCharlie Nash29 Nov 20170

Uber lost $1.46 billion during the third quarter and two potential investors have backed out of a deal to buy stock in the company, according to a report.

“The global ridesharing company lost $1.46 billion in just the third quarter,” reported Tech Crunch on Wednesday. “This compares to negative $1.06 billion in the previous quarter.”

“But net revenue also went up from $1.66 billion to $2.01 billion,” they continued, adding, “Gross bookings grew to $9.71 billion, versus the $8.74 billion in the second quarter.”

Uber, which is currently in talks to sell a large percentage of stock to SoftBank Group Corp., reported the financial data to shareholders on Tuesday.

“SoftBank said in an emailed statement that at least two of Uber’s early backers intend to sell. The sale of those shares would value the business at $48 billion, a 30 percent discount to the last private valuation,” Bloomberg also reported. “General Atlantic and Russia’s DST Global, which had both been in talks to buy stock, dropped out of the deal, said one person, who asked not to be identified because the details are private. The remaining bidders in the group are SoftBank, Dragoneer Investment Group, TPG, Tencent Holdings Ltd. and Sequoia Capital, which are looking to buy at least 13.4 percent of outstanding shares, said two people.”

Uber currently faces allegations that it “withheld evidence” of “unlawful schemes” at the company and is facing a federal investigation over claims the company “deployed an espionage team to plunder trade secrets from its rivals.” It was also reported that this week Uber, which was recently banned in Israel, has been secretly tracking its users along with other top apps.

In September, Uber lost its license to operate in London, being publicly deemed as “not fit and proper” to function in the city, while in October, it was reported that the company is subject to five criminal probes from the Justice Department.

This month, the company pledged $5 million to sexual assault prevention groups following numerous allegations of sexual assault, rape, and harassment against its drivers.

One lawsuit, filed by two women who were allegedly raped by Uber drivers, claims “thousands” of women have been assaulted by drivers at the company.

Uber previously attacked Breitbart News, demanding its advertisements be removed from the website and declaring that the ridesharing company wants “nothing to do” with Breitbart News and its readers.

Charlie Nash is a reporter for Breitbart Tech. You can follow him on Twitter @MrNashington and Gab @Nash, or like his page at Facebook.

Original Article

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