wordpress blog stats
Connect with us

Hi, what are you looking for?

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…

Please subscribe/login to read the full story.
Written By

I cover health, policy issues such as intermediary liability, data governance, internet shutdowns, and more. Hit me up for tips.

Free Reads

News

Telecom companies are against a regulatory sandbox, as they think information revealed by businesses during the sandboxing process might be confidential should be out...

News

According to a statement, the executive body of the European Union had also sought internal documents on the risk assessments and mitigation measures for...

News

The newly launched partially open-sourced LLM Grok-1 can be commercially used but not trademarked.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ