Uber IPO Likely Delayed, Company Said To Lose $800M In Q3
Uber’s highly anticipated IPO just got pushed back a bit as the company reportedly lost money in Q3 despite growing sales.
The firm is said to have lost at least $800M in Q3 while boosting its sales to $1.7B from $1.1B in Q2, MarketWatch reports. That’s according to people familiar with the matter, since, as a private company, Uber doesn’t disclose its financial results to the public.
Those with knowledge of the matter attribute the loss to large spending on promotions, such as cash payments to newly recruited drivers and investments in the company’s self-driving car and UberEats business. The $800M loss stands on top of at least $1.2B in losses from the first half of 2016. [MW]