Nov 14, 2018

Uber's losses continue to grow

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).

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Bernie's juggernaut

Sen. Bernie Sanders speaks in San Antonio last night with his wife, Jane. Photo: Eric Gay/AP

Sen. Bernie Sanders won so big in the Nevada caucuses that Democrats are hard-pressed to sketch a way he's not their nominee.

Driving the news: With 60% of precincts counted (slow, but better than Iowa!), Sanders is running away with 46% of delegates — crushing Joe Biden's 20%, Pete Buttigieg's 15%, Sen. Elizabeth Warren's 10% and Sen. Amy Klobuchar's 5%.

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Buttigieg campaign claims Nevada caucuses were "plagued with errors"

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The big picture: The campaign alleges that the process of integrating early votes on caucus day was “plagued with errors and inconsistencies,” and says it received more than 200 incident reports from precincts around the state.

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Coronavirus threat grows, threatening some drug supplies

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As the novel coronavirus continues spreading globally and China grapples with a limited production capability, there's a growing risk to about 150 prescription drugs in the U.S., sources tell Axios.

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