Uber records more losses for the third quarter

Uber

The world’s largest digital taxi company, Uber Technologies Inc., has recorded more losses for the third quarter of the year.

Uber said its net loss for the third quarter of the year rose by 20% year on year to $1.1 billion.

The result shows that the taxi company is still far from profitability as it continues to scale its business model across various parts of the world.

According to data compiled by Reuters News, its adjusted loss before interest, taxes, depreciation and amortization was $592 million, down from $614 million last quarter and $1.02 billion a year ago.

“We had another strong quarter for a business of our size and global scope,” said Nelson Chai, Uber’s chief financial officer, who joined in September after the job had been vacant for three years. He emphasized the “high-potential markets in India and the Middle East where we continue to solidify our leadership position.”

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