Uber lost $1.16 billion last quarter

by Daniel Payne · Nov 4th, 2019 12:24 pm

Last Updated Nov 20th, 2019 at 10:20 am

The ride-share service Uber reported a quarterly loss of $1.16 billion on Monday, an announcement that was followed by a five percent drop in its share price.

That loss was 17 percent greater than a similar deficit from the same quarter last year, where the company reported a loss of $986 million. Its total revenue was $3.81 billion, up a third from the year before.

In spite of the significant losses, the company’s chief executive, Dara Khosrowshahi, expressed confidence to financial analysts, saying the corporation is planning “more effective execution” of its basic operations.

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