Uber is still reporting steep losses but its revenue growth is showing some promise.
On Monday, the ride-hailing company (UBER)-Announces-Results-for-Third-Quarter-2019/default.aspx” target=”_blank”>reported it lost $1.16 billion during the third quarter including $401 million in stock-based compensation expenses related to its public offering in May. During the same period last year, Uber (UBER) lost $986 million. In the second quarter, it reported a staggering loss of $5.2 billion, about $3.9 billion of which was related to IPO expenses.
The company’s stock fell about 4% in after-hours trading.
On a conference call with analysts to discuss the results, CEO Dara Khosrowshahi said the company is focused on achieving adjusted EBITDA profitability, or profitability excluding certain costs, in 2021. “We’ve got a road-map ahead of us,” he said.
Since going public in May, Uber has struggled to win over investors who are concerned about the company’s history of steep losses and slowing growth. As the company faces pressure to clean up its finances following its lackluster Wall Street debut, there has been some restructuring within its corporate operations. The company has gone through two rounds of layoffs since its IPO, with the