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| Uber's move into bikes and food delivery deepens losses | Uber's move into bikes and food delivery deepens losses |
| (about 5 hours later) | |
| Losses at Uber are mounting even as it reported a 51% annual increase in income from its taxi app business. | Losses at Uber are mounting even as it reported a 51% annual increase in income from its taxi app business. |
| Income from its global taxi businesses, once it had paid its drivers, rose to $2.7bn (£2.1bn) in the last quarter. | |
| But the cost of expansion plans into areas like bike sharing and Uber Eats, its food delivery business has meant losses have grown rapidly. | But the cost of expansion plans into areas like bike sharing and Uber Eats, its food delivery business has meant losses have grown rapidly. |
| The company said adjusted losses in the last three months rose 32% on the previous quarter to $404m. | The company said adjusted losses in the last three months rose 32% on the previous quarter to $404m. |
| Dara Khosrowshahi, Uber chief executive said the company was "continuing to grow at an impressive rate for a business of our scale. | Dara Khosrowshahi, Uber chief executive said the company was "continuing to grow at an impressive rate for a business of our scale. |
| "We're deliberately investing in the future of our platform: big bets like Uber Eats; congestion and environmentally friendly modes of transport like Express Pool, e-bikes and scooters; emerging businesses like Freight; and high-potential markets in the Middle East and India where we are cementing our leadership position." | "We're deliberately investing in the future of our platform: big bets like Uber Eats; congestion and environmentally friendly modes of transport like Express Pool, e-bikes and scooters; emerging businesses like Freight; and high-potential markets in the Middle East and India where we are cementing our leadership position." |
| In May at a conference in California Mr Khosrowshahi said the food delivery business Uber Eats was taking $6bn bookings a year and growing 200% annually. | In May at a conference in California Mr Khosrowshahi said the food delivery business Uber Eats was taking $6bn bookings a year and growing 200% annually. |
| Under pressure | Under pressure |
| Uber is under pressure to become more profitable for a planned offering of its shares to the public next year. | Uber is under pressure to become more profitable for a planned offering of its shares to the public next year. |
| David Brophy, professor of finance at the University of Michigan, told Reuters the firm could expect to see its valuation slashed in a public listing if it did not show more progress towards becoming profitable. | David Brophy, professor of finance at the University of Michigan, told Reuters the firm could expect to see its valuation slashed in a public listing if it did not show more progress towards becoming profitable. |
| The taxi giant was most recently valued at $72bn, making it one of the most valuable privately held firms in the world. | The taxi giant was most recently valued at $72bn, making it one of the most valuable privately held firms in the world. |
| New York votes to cap Uber and Lyft cars | New York votes to cap Uber and Lyft cars |
| Uber sells South East Asia business to Grab | Uber sells South East Asia business to Grab |
| Uber probed over gender discrimination | Uber probed over gender discrimination |
| Uber, which is a private company, released figures to investors showing that the firm made $12bn in quarterly gross bookings, which includes both rides and its food-delivery service, Uber Eats, up 41% from a year before. | Uber, which is a private company, released figures to investors showing that the firm made $12bn in quarterly gross bookings, which includes both rides and its food-delivery service, Uber Eats, up 41% from a year before. |
| Uber has retreated from major markets China, Southeast Asia and Russia over the last year after failing to fend off local competitors. | Uber has retreated from major markets China, Southeast Asia and Russia over the last year after failing to fend off local competitors. |
| But it said it was still committed to India and the Middle East, despite pressure from some investors to quit those markets too. | But it said it was still committed to India and the Middle East, despite pressure from some investors to quit those markets too. |
| Mr Khosrowshahi was brought in last year to revive Uber's image after a damaging sexual harassment scandal engulfed the firm. | Mr Khosrowshahi was brought in last year to revive Uber's image after a damaging sexual harassment scandal engulfed the firm. |
| But the company still has a number of costly legal battles, including over its classification of drivers as independent contractors, and federal inquiries to resolve. | But the company still has a number of costly legal battles, including over its classification of drivers as independent contractors, and federal inquiries to resolve. |
| Regulatory pressure also threatens to hinder growth in major markets. | Regulatory pressure also threatens to hinder growth in major markets. |
| Last week New York voted to impose a temporary cap on new licences for ride-hailing vehicles to tackle congestion. And Mayor of London Sadiq Khan on Wednesday said he would seek similar restrictions in the UK's capital. | Last week New York voted to impose a temporary cap on new licences for ride-hailing vehicles to tackle congestion. And Mayor of London Sadiq Khan on Wednesday said he would seek similar restrictions in the UK's capital. |