Uber Lost $1.5 Billion USD Last Quarter

More than the $1.06 billion USD in its previous quarter.

By
Tech
4,323 Hypes 0 Comments

Uber has lost $1.46 billion USD in its the third quarter, more than the $1.06 billion USD in its previous quarter. However, net revenue went up from $1.66 billion USD to $2.01 billion USD, with gross bookings growing to $9.71 billion USD, versus the $8.74 billion USD in the second quarter. Japanese investment firm SoftBank Group, alongside Dragoneer, Sequoia Capital, TPG and Tencent, are interested in purchasing up to $8 billion USD shares from existing Uber shareholders, with Uber offering $32.96 USD per share.

Some shareholders have already confirmed their intentions to sell shares. Other Uber shareholders, including investors and employees, have an opportunity to sell shares if they have at least 10,000 of them. They also need to be “accredited,” meaning they have $1 million in assets or make $200,000 USD per year. If the secondary gets done, SoftBank will also be making a $1 billion USD direct investment in Uber at its last private valuation of nearly $70 billion USD. Meanwhile,  Japan’s SoftBank is looking to purchase shares in Uber at a discounted price.

Read Full Article

What to Read Next

DMX Finally Drops a Studio Version of "Rudolph the Red-Nosed Reindeer"
Music

DMX Finally Drops a Studio Version of "Rudolph the Red-Nosed Reindeer"

Five years later, the viral hit officially arrives.

The North Face Reworks Winter Outerwear With Pendleton Wool
Fashion

The North Face Reworks Winter Outerwear With Pendleton Wool

Heritage patterns meet progressive technology.

Thouxanbanfauni & Uno The Activist Tease Joint Album in Video For "Act Up"
Music

Thouxanbanfauni & Uno The Activist Tease Joint Album in Video For "Act Up"

This collaborative project could drop any moment now.


Listen to N.E.R.D. & Future's Energetic New Single, "1000"
Music

Listen to N.E.R.D. & Future's Energetic New Single, "1000"

One of the album’s most anticipated tracks has arrived.

Here's 5 Things We Learned After Watching the 'Avengers: Infinity War' Trailer
Entertainment

Here's 5 Things We Learned After Watching the 'Avengers: Infinity War' Trailer

Including the location of the final Infinity Stone.

Kim Kardashian Has Apparently Been Wearing YEEZY SEASON 6 Clothing in Public All Along
Fashion

Kim Kardashian Has Apparently Been Wearing YEEZY SEASON 6 Clothing in Public All Along

She wore 9 outfits in one day.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. By adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.