More losses for Uber after spending on discounts, new ventures

The ride-hailing firm expects to become profitable by the end of 2021, it told investors. Ride-hailing giant Uber Technologies Inc sank deeper into loss from July to September as it tried to outspend competitors with discounts and loss-making new business ventures, the company reported on Monday in the United States. Uber’s shares fell 5.5 percent in after-hours trading despite Uber Chief Executive Dara Khosrowshahi saying that the company would become profitable by the end of 2021. Overall, the company’s net loss widened to $1.16bn in the three months ended September 30, from…

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