Uber reported a net loss of over $1 billion in 3 months

Uber just announced earnings for its third quarter of 2019. The ride-sharing company’s earnings of $3.81 billion beat analyst estimates of $3.69 billion. But the devil is in the detail. During the same period, Uber reported a net loss of $1.16 billion for the quarter, topping its $986 million loss during the same quarter of 2018.

Uber Eats accounts for $645 million of the $3.81 billion revenue. The overall revenue for the company’s food delivery service was up 64% year over year. Last quarter, the segment brought in $595 million in revenue. Uber launched the food delivery service, Uber Eats, in August 2014.

Uber went public on May 10, 2019. Following the initial public offering, Uber’s shares dropped 11%, resulting in the biggest first-day dollar loss in IPO history for the US. It then posted losses of $1 billion on its first quarter of 2019 in its first earnings report as a public company. Before going public in May, Uber raised a total of $24.7 billion in funding over 23 rounds. Its latest funding was raised on April 26, 2019 from a post-IPO equity round.

Founded in 2009 by Garrett Camp, Oscar Salazar, and Travis Kalanick, Uber develops, markets, and operates a ride-sharing mobile application which allows consumers to submit a trip request that is routed to crowd-sourced partner drivers. Its smartphone application connects drivers with people who need a ride. Its application enables users to arrange and schedule transportation and/or logistics services with third-party providers.