Uber posts $1bn loss as it hurtles towards an IPO in 2019

Ride-hailing giant Uber reported a quarterly loss of $1bn (£780.3m) late last night, as growth in its bookings slow ahead of its upcoming listing.

The company said bookings for its private hire and food delivery services rose six per cent in the three months to the end of September, which is the third consecutive quarter of single-digit growth for the firm. It had reported double-digit growth throughout 2017.

Uber's $1bn loss was a rise of 20 per cent from last quarter, however it was 27 per cent less than the same period last year when the company was hit by the controversial departure of co-founder and former chief Travis Kalanick.

Overall revenue for the quarter was $2.9bn, which was up five per cent from last quarter but fell behind on yearly growth. While it was an increase of 38 per cent from the same period in 2017, Uber's second quarter reported a rise of 63 per cent.

The news comes as Uber is heading in the direction of Wall Street for an initial public offering in 2019, which could value the firm at $120bn.

An investment by Japanese mega-investor Softbank in January requires Uber to go public by 30 September next year, or transfer restrictions will lift on shares that could cause mass-trading of Uber stock.

Softbank's role in its upcoming listing has been under increasing scrutiny in recent weeks, as a large proportion of its Vision Fund is backed by Saudi Arabia's sovereign fund. 

Saudi Arabia stands accused of orchestrating the killing of journalist Jamal Khashoggi, which led to widespread backlash from many business leaders including Uber chief Dara Khosrowshahi.

Khosrowshahi told reporters in London last month that the Vision Fund's role on its board and in its funding framework would be under consideration once the investigation into Khashoggi's death is complete.