American Uber, best known for its online taxi service, increased revenue by 38 percent to $2.95 billion in the third quarter, compared to the same period last year.

However, the net loss increased from the second quarter's $891 million to $1.07 billion, and the high growth rate represents a decline compared to the second quarter's 63 percent, according to the Wall Street Journal.

This is evident from the limited earnings report the privately owned company released on Wednesday evening.

For the first time, the company provided details about its food delivery service Uber Eats, which it said accounted for $2.1 billion in bookings, or 17 percent of the company's total bookings of $12.7 billion. However, no details were provided about Uber Eats' performance.

”"We had a strong quarter for a company of our size and global ambitions. As we look forward to an IPO, we are investing in future growth of our platform, including in food, shipping, electric bikes and scooters – and in high-potential markets in India and the Middle East, where we continue to strengthen our leadership position," Chief Financial Officer Nelson Chai commented in a written statement to news agencies.

Uber has previously indicated that the company is working towards an IPO in 2019. Banks on Wall Street have indicated a valuation of around $120 billion, equivalent to SEK 1,090 billion.

Smaller competitor Lyft is also aiming for an IPO next year.

Source: Nyhetsbyrån Direkt