Uber losses continue as it diverts more cash to new ventures

UBER’S losses widened in its second quarter as it poured cash into new services, such as food delivery and autonomous car technology, and aggressively expanded its core ridehailing services overseas.

The San Francisco-based company reported adjusted losses before interest, tax, depreciation and amortisation of $404m (£318m) for the three months to the end of June, compared to losses of $304m in the first quarter. This is despite revenue ticking up 8pc quarter-on-quarter to $2.7bn, and comes as a sign that boss Dara Khosrowshahi is continuing his predecessor’s strategy of spending heavily to support growth.

Uber has burned through $11bn since it was founded in 2009, both on pushing its ride-hailing offering into new regions and, more recently, on new ventures, such as food delivery, biking and scooter services.

Uber does not have to release its figures, given it is a private company, but it has been seeking to become more transparent in the run-up to its planned initial public offering next year.