Uber's net losses widened to nearly $1 billion in its latest quarter as it invested in new businesses prior to its initial public offering expected next year, the private company said in its self-reported financial disclosures.
The losses were 32 percent greater than the previous quarter.
Revenues were nearly $3 billion, up 38 percent over the same period last year but a slower rate of growth from the prior quarter.
For the first time, Uber disclosed some numbers related to its fast-growing Uber Eats delivery service. That division accounted for $2.1 billion of $12.7 billion in gross bookings ー a 150 percent increase from the same quarter last year.
Uber's losses can be partially attributed to its increasingly diversified business model, in which ride-hailing is but one of the ways the company intends to make money in the future. In addition to Uber Eats, which is growing in emerging markets and will soon [cover](https://www.cnbc.com/2018/10/23/uber-plans-to-expand-food-delivery-to-70percent-of-the-us.html) 70 percent of the U.S. population, Uber has invested in new mobility offerings like e-scooters and bike shares.
Uber is on course for an initial public offering in 2019 that could value the company at as much as $120 billion.
Julia Pollak, chief economist with ZipRecruiter, joined Cheddar News to provide tips on navigating a job loss and explain the benefits of working with a recruiter to find new employment.
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Google settled an antitrust lawsuit, Tesla is reportedly raising pay, a group is suing Utah over its social media policies for kids and the founder of Nikola was sentenced to prison.
The White House is lending its support to an auto industry effort to standardize Tesla’s electric vehicle charging plugs for all EVs in the United States.
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A group representing several big tech companies is suing Utah over state laws about children's social media use.
