Business

Uber losses shrink amid expansion drive

Uber narrowed net losses to 891 million dollars (£701.5 million) from April to June
Uber narrowed net losses to 891 million dollars (£701.5 million) from April to June Uber narrowed net losses to 891 million dollars (£701.5 million) from April to June

UBER'S losses have shrunk as it continues to invest in expanding, according to the company's latest financial results.

The taxi-hailing firm narrowed net losses to 891 million dollars (£701.5 million) from April to June, a drop on the 1.06 billion dollar (£834.5 million) loss the previous year.

"Going forward, we're deliberately investing in the future of our platform," said chief executive Dara Khosrowshahi.

"Big bets like Uber Eats; congestion and environmentally friendly modes of transport like Express Pool, e-bikes and scooters; emerging businesses like Freight; and high-potential markets in the Middle East and India where we are cementing our leadership position."

Costly legal battles contributed to the company's losses, including a case to continue classifying drivers as independent contractors.

Uber, which is planning to go public next year, increased net revenue by more than 50 per cent from last year, to 2.7 million dollars (£2.1 million).