Illustration: Lazaro Gamio/Axios

Uber's losses continue to grow this quarter, as the ride-hailing giant doubles down on competitive markets, but it's also touting the growth of its food delivery business, UberEats, whose gross bookings grew more than 150% in the past year.

Why it matters: Uber plans to go public next year, but it has yet to turn a profit.

The top line: $2.95 billion in revenue for Q3, up 38% year-over-year, and a 5% increase from the previous quarter.

  • Gross bookings hit $12.7 billion for the quarter, up 34% year-over-year (or 41%, excluding the impact of the Grab and Yandex transactions), and up 6% from Q2.
  • UberEats brought in $2.1 billion in gross bookings (more than 150% increase from a year ago). In May, CEO Dara Khosrowshahi said the business had hit a $6 billion bookings run rate, or $500 million in monthly bookings at the time.

The bottom line: Net loss for the quarter on a GAAP basis was $1.07 billion — larger than Uber's loss of $891 million in Q2, an increase that the company attributes to spending more on growth in "competitive markets" like the U.S., India and the Middle East, as well as on bikes and scooters.

  • Adjusted EBITDA loss (Uber's preferred metric) was $527 million for the quarter (24% larger than the previous quarter, but 13% smaller than a year ago).

Go deeper

4 mins ago - Podcasts

The debate over COVID-19 liability protections

Stimulus talks continue to move slowly, with Democrats and Republicans unable to agree on whether or not to include coronavirus-related liability protections for businesses, health facilities and schools.

Axios Re:Cap digs into the debate, which could reset the cost-benefit analysis for businesses thinking about reopening and employees thinking about returning.

Updated 16 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 18,364,694 — Total deaths: 695,848 — Total recoveries — 10,965,634Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 4,742,277 — Total deaths: 156,133 — Total recoveries: 1,513,446 — Total tests: 57,543,852Map.
  3. States: New York City health commissioner resigns in protest of De Blasio's coronavirus response — New York ER doctor on pandemic advice: "We know what works"
  4. Public health: 59% of Americans support nationwide 2-week stay-at-home order in NPR poll Atrium Health CEO says "virtual hospital" has treated 13,000 COVID patients.
  5. Politics: Republicans push to expand small business loan program Trump tells "Axios on HBO" that pandemic is "under control," despite surges in infections.
  6. Sports: Indy 500 to be held without fansRafael Nadal opts out of U.S. Open.
Updated 25 mins ago - World

At least 25 killed, 3,000 injured after massive explosion rocks Beirut

Photo: Anwar Amro/AFP via Getty Images

A major explosion has slammed central Beirut, Lebanon, damaging buildings as far as several miles away and injuring scores of people.

Driving the news: The cause of the explosion is unknown. Lebanon's health minister said in televised remarks that more than 30 people have been killed and over 3,000 injured.