Ride-hailing giants Uber have reported quarterly losses of £820 million

Ride-sharing “giants” Uber have reported a quarterly loss of £820m after pumping money into scooters, bikes and food deliveries. Although between the period of July to September their revenue rose 5.4% and gross bookings increased by 6%, the figures show an overall slowdown in growth compared to the same period a year ago, according to sky news. Throughout 2017 Uber’s growth was in double digit percentages, but for the third quarter in a row this year the figure has failed to grow more than a single digit percentage. Uber, who have said they will push for an IPO next year, will have the challenge of showing it can still grow into a profitable company. The controversial app is now a decade old but has yet to prove to be a substantial profitable business for the long term and is now seeking to expand in the haulage, food delivery and electric bikes market. It also faces a number of issues around the world with regulators finally confronting the mammoth from Silicon Valley about how its ride-sharing service actually works and if it can conform to current legislation.

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