Uber’s quarterly loss widens as costs rise; shares fall

By Tina Bellon and Akanksha Rana (Reuters) - Uber Technologies Inc on Monday posted a wider third-quarter loss as the company tries to outspend competitors through discounts and invests heavily in loss-making new business ventures, sending its shares down 5.5% in after-hours trading. Nevertheless, the company promised it would be profitable by the end of 2021 as quarterly revenues, driven by its global ride-hailing business, beat expectations. Uber Chief Executive Dara Khosrowshahi told journalists on a conference call the company as a whole would achieve adjusted EBITDA profitability for the full year of 2021, but declined to provide details on the performance of individual business units by that time

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