Uber posts record losses

Uber is on course to post record losses in 2017, according to data direct from the company.

From January to September, Uber lost US$2.9 billion – that’s compared to US$2.8 billion for the whole of 2016.

However, it’s also seeing a new high in gross bookings from rides – US$25.9 billion, reports Bloomberg, citing data Uber showed to shareholders as part of Softbank’s bid to buy a stake in the firm. Uber’s revenue figure for the third quarter is unknown, though it clocked up US$5.2 billion through to June.

Across Asia, Uber’s rivals are providing especially tough competition as India’s Ola, Southeast Asia’s Grab, and the Middle East’s Careem continue to expand fuelled by fresh funding.

Earlier today, Uber added the option of phone payments in Vietnam.

See more on the ride-hailing war:

• SoftBank’s $10b for Uber could end the war with Grab in Southeast Asia
• Grab plans to spend $700m on a rental car fleet
• ‘Uber will go public within three years,’ new CEO tells staff

This post Uber posts record losses appeared first on Tech in Asia.

from Tech in Asia https://www.techinasia.com/uber-posts-record-losses-so-far-2017
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