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Uber’s revenue grows but its losses mount in third quarter

NEW YORK (AP) — Uber picked up the pace of its revenue growth in the third quarter, but the ride-hailing heavyweight is still losing vast sums of money.

The San Francisco company said Monday it racked up revenue of $3.81 billion in the third quarter, up 30% from the same time last year.

But it lost $1.16 billion in the quarter, extending its streak of losses. The loss included $401 million in stock-based compensation related to its initial public offering.

Uber convinced more people to use its array of products. The number of monthly active consumers across all its platforms grew to 103 million, up 26% from the same time last year.

Uber’s stock, which closed around $31 Monday, has lost nearly a third of its value since its May initial public offering.

Associated Press

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