With less people requesting their car rides?
The company is looking to expand into other service fields…..
Uber Technologies Inc said on Wednesday [Nov.14] that growth in bookings for its ride-hailing and delivery services rose 6 percent in the latest quarter, the third quarter in a row that growth has remained in the single digits after double-digit growth for all of last year.
The San Francisco-based firm lost $1.07 billion for the three months ending Sept. 30, a 20 percent increase from the previous quarter but down 27 percent from a year ago, when the company posted its biggest publicly reported quarterly loss on the heels of the departure of Uber co-founder and former Chief Executive Travis Kalanick.
Uber is seeking to expand in freight hauling, food delivery and electric bikes and scooters as growth in its now decade-old ride-hailing business dwindles….
The other ride sharing outfit Lyft is increasing it revenue , but also losing money….
U.S. ride hailing firm Lyft Inc’s revenue more than doubled in the first half of the year to $909 million, while its net loss expanded at a slower rate than a year earlier, technology news website The Information reported on Wednesday.
Lyft’s net loss grew by 46 percent to $373 million, with the company losing 41 cents for every dollar of revenue, an improvement from a year earlier when the company lost 62 cents, the report said, citing a person with knowledge of the figures.
Lyft’s chief rival, Uber Technologies Inc, is also eyeing a stock market flotation in 2019.
Both firms have amassed losses as they spend heavily to enter new markets and attract drivers to their platforms, although losses have narrowed in recent years….
Fewer people are taking ambulance rides to the hospital nationwide because more patients are opting to use ride share services such as Lyft and Uber that come with substantially lower costs, NBC News Bay Area reports.
The big picture: There has been a 7% dip in ambulance calls since Uber hit the market in major U.S. cities between 2013 and 2015 according to an analysis by David Slusky, an assistant professor in Kansas University’s department of economics, and Leon Moskatel from the department of medicine at Scripps Mercy Hospital….