Uber driving towards $3bn loss as it speeds up on growth

Uber could find itself $3 billion (£2.4 billion) in the red this year after losses spiralled to $800 million in its third quarter.

The taxi-hailing app has been spending heavily as part of ambitious growth plans, splurging on new divisions like its Uber Eats food delivery service and self-driving cars.

The $800 million deficit follows the first half’s $1.2 billion loss. Bloomberg reported the full-year figure, which does not include tax or interest, could spiral to at least $3 billion.

Bookings, the total fares paid by passengers, rose to $5.4 billion in the quarter.

That compared with $5 billion in the second quarter and $3.8 billion in the first.

The slowdown could be linked to Uber’s exit from China in August, designed to let it focus on other markets.

Uber is now worth $69 billion, more than footsie blue-chips like Diageo and Barclays.