Associated PressNEW YORK –
The San Francisco company picked up the pace of its revenue growth, racking up $3.81 billion in the third quarter, 30% more than the same time last year. Last quarter, revenue had grown 14% compared to the prior year. The per-share loss in the latest quarter, however, was smaller than what Wall Street had expected. Analysts were forecasting a loss of 82 cents a share, according to FactSet.Uber convinced more people to use its array of products. The number of monthly active consumers across all its platforms grew to 103 million, up 26% from the same time last year, but below the 104.4 million expected by analysts polled by FactSet.
Khosrowshahi provided few details on how different units within Uber would change for the company to reach its new profitability target. "We think that there's a better answer out there," Khosrowshahi said. California's new law was figured into Uber's future profitability prediction, and Uber is already operating within similar laws in states such as Massachusetts, New Jersey and Connecticut, he said.In New York City, where regulations forced ride-hailing companies to increase prices, it"definitely hurt volumes in the outer boroughs where people need transportation the most," Khosrowshahi said.
It will be gone in two years.
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