Ubers quarterly losses jumped nearly 40 percent to $1.46 billion ahead of a massive private stock s

[FrodosNewPet]

Uber’s quarterly losses jumped nearly 40 percent to $1.46 billion ahead of a massive private stock sale

The company revealed these numbers in tender offer documents it sent to some shareholders.

https://www.recode.net/2017/11/28/16713430/uber-losses-softbank-stock-third-quarter

by Johana Bhuiyan | Nov 28, 2017, 11:18pm EST

Uber lost more than $1 billion two quarters in a row, newly disclosed financials reveal. The ride-hail company widened its net losses to $1.46 billion, up from $1.06 billion in the second quarter.

That increase in losses could be attributed in part to increased competition from its global rivals. In the U.S., Lyft has been investing a great deal of resources into gaining marketshare, Uber CEO Dara Khosrowshahi recently said at the New York Times DealBook conference.

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“The economics of that market are not what we want them to be,” Khosrowshahi said. “I think it’s over-capitalized at this point. We’re going in, and we’re leaning forward. But I‘m not optimistic that market is going to be profitable any time soon.”

Bloomberg first reported the numbers, which were included in a tender offer document a SoftBank-led group of investors sent to shareholders on Tuesday evening. Uber is seeking to sell some new and existing shares to the Japanese giant, though a deal remains tentative.

~ snip ~

[TreasonousBastard]

1. Uber, Tesla, Amazon and other such startups have an extraordinary advantage...

in that they can lose money forever as long as investor cash holds out.