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.
The U.S. economy added 272,000 jobs in May, far more than expected. But that number doesn't tell the whole story. Interest rate cuts could still be on the way.
The AI boom is heating up worldwide competition, the NBA is cashing in, and short-selling is (surprise!) risky. Plus, who are this week's Usual Suspects?
A.I. Reporter at The Verge, Kylie Robison, joins Cheddar to discuss everything you need to know about artificial intelligence, from Nvidia to Musk and OpenAI.
