SAN FRANCISCO, California - Uber has lost almost $1 billion in the third quarter.
The loss for the privately-held company is 38% worse than the previous quarter, this despite a revenue increase of 38% compared to the same quarter last year.
Ubers diversification into other businesses including Uber Eats has also coinicided with slowing revenue growth.
The company however, which is planning to go public next year, is upbeat about its diversification.
"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," Uber Chief Executive Officer Nelson Chai told CNBC on Wednesday.
Company revenue in the third quarter was $2.95 billion, an increase of 38% on the corresponding quarter last year.
Gross receipts were $12.7 billion, an increase of 34% on the same quarter last year.
The net loss for the third quarter was $939 million, a 38% increase on the second quarter loss of $680 million.
EBITDA was a loss of $527 million, an increase of 24% on the second quarter.
Despite the worsening trading situation, Uber still has plenty of cash on hand. At the end of the quarter it had $6.55 billion in the bank, however thats 10% less than it held at the end of the second quarter.
The company, which has its headquarters in San Francisco, and mainstream offices in New York City, Chicago, Washington D.C, Seattle, and Los Angeles in the United States; and internationally in London, Sao Paulo, Mexico City, and Amsterdam - operates in 600 cities in sixty five countries, and has a workforce of 16,000.