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Uber reports $1.2 billion in losses in Q3FY20

Uber made losses of $1.2 billion for Q3 FY2020, far less than the losses of $5.6 billion it made last quarter, and 18% higher than the losses of $986 million it made the same quarter last year. Even so, revenue grew by 30% YoY to $3.8 billion. Revenue was $3.1 billion and $3 billion for Q2 and Q1 2019 respectively. Financials:  Revenue growth accelerated and Adjusted Net Revenue growth accelerated to 30% YoY and 33% YoY respectively Rides Adjusted EBITDA was $631 million, up 52% year-on-year Operational numbers: $1 billion in weekly gross bookings Gross Bookings grew 29% YoY by $3.7 billion to $16.5 billion 26% year-on-year increase in MAPCs to $103 million from $82 million Uber's food delivery and Freight divisions see higher growth: Uber's Eats and Freight verticals drove monthly active platform consumers, and saw more bookings and revenue than Rides. While gross bookings grew by 73% and 81% for Rides and Freight respectively, revenue grew 64% and 78% respectively. In contrast, gross bookings for Rides grew 20%, and revenue from rides only grew 19%, even though Rides still made up 82% of Uber's total revenue. The UberEats strategy is to invest aggressively into markets where Uber is confident that it can establish or defend a first or second position over the next 18 months, the company said. Policy and regulatory developments around Uber: Positive independent contractor rulings from both the US, via Department of Labor Letter in April and Brazilian Federal Government. The passage of the mobility…

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