Tuesday, November 5, 2019

How to Lose a Billion Dollars

It takes a very special kind of company to lose a billion dollars in a quarter, but Uber proved yesterday that it was up to the challenge. Uber reported a net loss of $1.16 billion in the third quarter, topping its $986 million loss during the same quarter last year.

For the three months ended September 30, Uber posted a loss of $0.68 per share, better than the average estimate of $0.81 per share loss analysts surveyed by Yahoo had forecast. Revenue rose 30 percent from a year earlier to $3.81 billion, also beating the average analyst forecast of $3.69 billion.

All this is a step up from the second quarter. For the three-month period ended June 30, Uber posted a loss of $4.32 per share, far below the $3.19 per share loss analysts expected. All told, in the second qaurter, the company lost $5.2 billion.

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