Uber lost more than $1 billion two quarters in a row, newly disclosed financials reveal. The ride-hail company widened its net losses to $1.46 billion, up from $1.06 billion in the second quarter.
Uber’s quarterly losses jumped nearly 40 percent to $1.46 billion ahead of a massive private stock sale
The company revealed these numbers in tender offer documents it sent to some shareholders.
That increase in losses could be attributed in part to increased competition from its global rivals. In the U.S., Lyft has been investing a great deal of resources into gaining marketshare, Uber CEO Dara Khosrowshahi recently said at the New York Times DealBook conference.
“The U.S. is very, very competitive right now between us and Lyft, so I don’t see the U.S. as being a particularly profitable market for the next six months,” Khosrowshahi said.
Khosrowshahi also said the company is facing similar problems in regions like Southeast Asia where Uber is competing with Grab.
“The economics of that market are not what we want them to be,” Khosrowshahi said. “I think it’s over-capitalized at this point. We’re going in, and we’re leaning forward. But I‘m not optimistic that market is going to be profitable any time soon.”
Bloomberg first reported the numbers, which were included in a tender offer document a SoftBank-led group of investors sent to shareholders on Tuesday evening. Uber is seeking to sell some new and existing shares to the Japanese giant, though a deal remains tentative.
The company’s net revenue for the third quarter was $2 billion, up from $1.66 billion in the previous quarter.
One bright spot was a big uptick in demand with $9.71 billion in gross bookings in the third quarter, up from $8.74 billion in the previous three months.
Khosrowshahi is hoping to take the company public by 2019, which means he has a lot of work to do to fix the business before then.
This article originally appeared on Recode.net.
