Ahead of what is shaping up to be one of the largest tech IPOs in 2019, ride-sharing company Uber continues to grow, albeit at a slower pace, while losing money at an incredible rate. According to results shared with Bloomberg and other media outlets, Uber’s gross bookings, i.e. total fares charged to Uber users before drivers get their cut, grew by 34 percent year-over-year to $12.7 billion in the third quarter of 2018. As our chart illustrates, Uber’s take is much lower than that though, with actual net revenue ($2.95 billion) amounting to roughly a quarter of gross bookings after drivers have taken their sizeable cut.
What may be worrying to Uber’s shareholders and potential IPO investors is the rate at which the company continues to lose money. In the past seven quarters, the market leader in the U.S. ride-hailing sector lost nearly $7 billion, not accounting for a one-time gain of $2.9 billion from selling/merging its Southeast Asia and Russian businesses in Q1 2018.
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