Uber loses $1b in a quarter, to cut down on promotions

FILE PHOTO: Chief Executive Officer Dara Khosrowshahi of ride-hailing app Uber pictured on stage during an event in New York City, New York, U.S., September 5, 2018. REUTERS/Carlo Allegri/File Photo

Uber Technologies Inc reported a $1 billion loss on Thursday as the ride-hailing service spends heavily to build up its food delivery and freight businesses, sending revenues up 20% in its first quarterly report as a public company.

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