Uber lost just over $1 billion in the third quarter, it reported Wednesday, a sign that the ride-hailing giant is slowly capping the red ink. A year earlier, Uber lost $1.5 billion. The improvement signaled that the company is doing a better job of controlling key costs like insurance, marketing, and legal bills.
Uber’s revenue growth slowed to 38% in the quarter from 63% during the second quarter. Uber’s growth has been hurt, in part, by its exit from southeast Asia and Russia over the past year.
Uber’s cash burn increased to $487 million in the quarter, up 27%, for reasons that are not clear. Uber still has $4.8 billion in cash, meaning it likely will not need to raise more money before going public next year, as it plans to do.
Uber said it would no longer disclose information about how much it is spending on price subsidies for riders and financial incentives for drivers. That will make it a little harder to determine the health of the business. Lyft has never disclosed such data.