Uber Reports $1.16bn in Net Losses But Aims Profitability in 2021, Facebook India Posts Big Jumps in Profit and Revenues

Uber share price falls on Q3 report on net losses rising to $1.16bn. Facebook India's revenue and net profit jump by 71% and 84%.

 

EARNINGS

Uber exceeds revenue expectations but reports $1.16bn in net losses, aims profitability in 2021.

Not Exactly on Cloud 9: Uber's Q3 earnings beat analyst estimates - revenue stood at $3.81bn vs the $3.69bn expected. But the stock fell by c. 5% on news that the ride-hailing company's reported net losses totalled $1.16bn, topping its $986mn loss during the same time last year.

 

CEO Dara Khosrowshahi said Uber is targetting adjusted EBITDA profitability in 2021.  “The focus really is to drive lower rates based on the best technology out there rather than driving the growth through discounting,” he added. CNBC

 

Facebook India's revenue and net profit jump by 71% and 84%.

On Cloud 9: Facebook India has more than one reason to hit the "love" react. As per documents it filed with the Registrar of Companies, its revenues and net profit have jumped by 71% and 84% respectively in the fiscal year ended 30 March 2019 when compared to the last.

 

Uber Reports $1.16bn in Net Losses But Aims Profitability in 2021, Facebook India Posts Big Jumps in Profit and Revenues

 

The social media giant's reported revenues stand at INR892cr while net profit is INR105cr. The bulk of its revenue comes from the company's primary business, which it referred to as the IT enabled business process outsourcing service agreement. The rest comes from its advertising reseller business segment. ET Earnings

 

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