Uber Lost Almost $1.5 Billion in Third Quarter

30 Novembre, 2017, 13:19 | Auteur: Auguste Feret
  • Uber Lost Almost $1.5 Billion in Third Quarter

Early investors Benchmark which owns 13% of Uber and Menlo are said to be wanting to sell their stakes.

But any discount would be a comedown for Uber, which is the most highly-valued private company in the world.

Earlier, General Atlantic and Russia's DST Global dropped out a deal to buy stock.

Yesterday, a consortium led by SoftBank Group Corp launched a tender offer for shares of Uber. The rest of the bidders in the group are SoftBank, TPG, Dragoneer Investment Group, Tencent Holdings Ltd. (Dragoneer Investment Group is part of the consortium.) "Any sales by these shareholders will be pursuant to the same terms and conditions as will be offered to all other eligible holders that participate in the tender offer".

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Uber lost $1.5bn (£1.1bn) in the third quarter of the year, reversing recent progress that had seen the $70bn tech firm stem the red ink in recent months.

Uber has logged another quarter of record-breaking losses, losing $1.5 billion in the third quarter of 2017. Last week, Uber also disclosed that it had covered a security breach that had compromised the personal data of 57 million rider and driver accounts. Founder and ex-CEO Travis Kalanick resigned in June, leaving the company leaderless for much of the third quarter. On the other hand, it's rival Lyft Inc., has been gaining market share as well as customer approval.

The investor group, which hopes to snap up Uber shares on the cheap, offered to pay $32.97 a share in their opening salvo, said people with knowledge of the matter. The ride-hailing service has been making plans to go public by 2019, and investors are intensely interested as to whether Uber can maintain a high valuation before it goes for an initial public offering. The blended valuation in the full deal would be $54 billion, one person said. The entire tender process is supposed to conclude by late February.

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