Privately-held Uber Technologies, which has cut its teeth in the ride-sharing business, said its losses climbed to nearly $1 billion although third quarter revenue climbed sharply, a report by CNBC said.
Uber CFO Nelson Chai told CNBC the company had another strong quarter for a business of its size and global scope.
"As we look ahead to an IPO and beyond, we are investing in future growth across our platform, including in food, freight, electric bikes and scooters, and high-potential markets in India and the Middle East where we continue to solidify our leadership position," the company's CFO, Nelson Chai, told CNBC.
The news on its numbers came out before the company's anticipated IPO next year, which some bankers are saying could value the company at $120 billion, nearly double its reported private valuation of $62 billion.
The company's slowing growth could be attributed to Uber's rapidly diversifying business, including expansion in its food delivery service, Uber Eats, and new transportation offerings, such as bikes and scooters.
READ: Uber boss says “very happy” with Uber Eats but firm is talking to many players around the world
The third quarter revenue was $2.95 billion, up 38 percent from the same quarter last year. Gross bookings, or the amount collected before payouts to drivers, came in at $12.7 billion, up 34% year-over-year.
Adjusted net loss widened in the third quarter to $939 million, compared with $680 million in the second quarter.
The company also broke out some figures for Uber Eats for the first time, saying it accounted for $2.1 billion in gross bookings in the third quarter. That's an increase of 150% from the same quarter a year ago, Uber said.
Uber is rapidly expanding its food delivery business and is investing in new mobility offerings, such as bikes and e-scooters. Last month Uber announced it would expand its food delivery business to cover 70% of the US population. CEO Dara Khosrowshahi told CNBC at the time that Uber Eats growth ultimately drives growth back to Uber's ride-hailing business.
Uber wants investors to know it's more than ride-hailing, but some bankers say that could make it harder to value the company in an IPO.
Contact Rene Pastor at [email protected]