Uber reports $1.07bn third quarter loss amid slowing growth in bookings

Uber has reported a quarterly loss of $1.07bn (£820m) as it continues to invest ahead of a planned flotation in 2019 and sees slower bookings growth than in previous years.

The ride-hailing app's loss for the July-September period was a fifth bigger than in the previous quarter but 27% lower than in the same three months last year.

Gross bookings rose to $12.7bn, 41% up on 2017 but only 6% higher than in the three months to June.

It was the third quarter in a row that San Francisco-based Uber's quarter-on-quarter bookings growth has remained in single digits after double digit growth through the whole of 2017.

The company, valued at $76bn is seeking to expand in haulage, food delivery and electric bikes and scooters as growth in its decade-old ride-hailing business slows.

Uber faces pressure to show it can still grow enough to become profitable as it prepares for an initial public offering some time next year.

Chief (Taiwan OTC: 3345.TWO - news) financial officer Nelson Chai said: "We had another strong quarter for a business of our size and global scope."

He emphasised the importance of "high-potential markets in India and the Middle East where we continue to solidify our position".

In the UK, Uber has faced controversy over drivers' rights and a bruising battle over its London licence after failings in the way it operates identified by the capital's transport authorities.