Uber, which is set to become a public company in 2019, reported its results for the third quarter of 2018. Uber once again reported a loss for the quarter, hurt by the new business investments. Net loss, on an adjusted basis, stretched to $939 million from $659 million in the second quarter. On a GAAP basis, net loss stood at $1.07 billion.
Even though revenue rose 38% year-over-year to $2.95 billion, this indicates a slow growth compared to the growth of 67% and 60% in Q1 2018 and Q2 2018, respectively. Gross bookings increased 34% annually to $12.7 billion. UberEats’ gross bookings stood at $2.1 billion, up more than 150% in the prior year quarter.
Adjusted EBITDA loss for the recently ended quarter was $527 million, down 13% from the year-ago period. The ride-hailing company’s gross cash declined to $6.55 billion from $7.3 billion at the end of the second quarter.
Nelson Chai, who was appointed as the CFO in August, said, “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.”
Like the rival Lyft, the San Francisco-based firm announced a rewards program, Uber Rewards, for its ride-hailing and food delivery business on Wednesday. Through this rewards program, Uber will offer perks to its loyal customers such as cash back on rides and priority pickups.
On October 2, the Dara Khosrowshahi-led firm appointed Nikki Krishnamurthy as its Chief People Officer. Before joining Uber, she served as Chief People Officer in Expedia Inc (EXPE).