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.
âThe global ridesharing company lost $1.46 billion in just the third quarter,â reported Tech Crunch on Wednesday. âThis compares to negative $1.06 billion in the previous quarter.â
âBut net revenue also went up from $1.66 billion to $2.01 billion,â they continued, adding, âGross bookings grew to $9.71 billion, versus the $8.74 billion in the second quarter.â
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.
âSoftBank said in an emailed statement that at least two of Uberâs 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,â Bloomberg also reported. âGeneral Atlantic and Russiaâs 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.â
Uber currently faces allegations that it âwithheld evidenceâ of âunlawful schemesâ at the company and is facing a federal investigation over claims the company âdeployed an espionage team to plunder trade secrets from its rivals.â 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 ânot fit and properâ 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 âthousandsâ 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 ânothing to doâ 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.
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.
âThe global ridesharing company lost $1.46 billion in just the third quarter,â reported Tech Crunch on Wednesday. âThis compares to negative $1.06 billion in the previous quarter.â
âBut net revenue also went up from $1.66 billion to $2.01 billion,â they continued, adding, âGross bookings grew to $9.71 billion, versus the $8.74 billion in the second quarter.â
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.
âSoftBank said in an emailed statement that at least two of Uberâs 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,â Bloomberg also reported. âGeneral Atlantic and Russiaâs 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.â
Uber currently faces allegations that it âwithheld evidenceâ of âunlawful schemesâ at the company and is facing a federal investigation over claims the company âdeployed an espionage team to plunder trade secrets from its rivals.â 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 ânot fit and properâ 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 âthousandsâ 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 ânothing to doâ 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.