Uber's Growth Slows as It Diversifies Business Ahead of IPO
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.
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