Once the most valuable startup in the world, the company that launched the ride-hailing market, Uber is now a ‘loss tycoon’, burning down billions of dollars each quarter.

Yesterday, the ride-hailing company Uber reported a loss of $ 1.16 billion in the third quarter, including $ 401 million in stock-based compensation costs related to the IPO in May. During the same period last year, Uber lost $ 986 million. In the second quarter of the year, the company even reported an even more “shocking” loss of $ 5.2 billion, of which about $ 3.9 billion was related to the cost of the IPO.

The company’s shares were down 4% hours after the announcement.

In a meeting with analysts to discuss the business results, CEO Dara Khosrowshahi said that the company was focused on being profitable by 2021. “We have a roadmap for this. “.

Ever since the IPO in May, Uber has had trouble reassuring investors who have been worried about its history and whose growth has slowed. When the company faced financial pressure, it was also forced to conduct a number of restructuring activities. The company has undergone two layoffs since its IPO, and most recently in September with 435 positions in the product and engineering segments.

“The company is the fastest growing and in the early years, the most important factor is to accelerate to win the market. Nobody seems to notice whether a certain position is sure to work effectively. But now. Our priorities have changed, “said CEO Dara.

There are several bright spots in Uber’s report: The company’s revenue reached $ 3.8 billion in the third quarter, up 30% from the previous year. Revenue growth rate was only 12% compared to the same period last year.

CEO Kara said that the company “sees a lot of positives in the ride-hailing business, despite the growing competition. The company’s team will try to do better. Competition is necessary in life.”

Some of Uber’s new businesses are also growing rapidly. Revenue from food delivery service Uber Eats increased 64% compared to last year. Uber Freight revenue jumped 78%. Sales in other small segments, including bike and scooter rentals, also reached $ 38 million in the third quarter, up from $ 3 million a year ago.