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Uber reports $8mn Q3 earnings, first quarterly profit since launch

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Uber Technologies Inc has posted an adjusted profit of $8 million for the third quarter, recovering from a loss of $507 million in the previous quarter.

It was the company’s first profitable quarter on an adjusted basis since its launch over a decade ago. It has witnessed growth in its ride-hailing and restaurant delivery services.

The California-based company reported a $625 million loss during the same quarter a year ago.

Uber has forecast an adjusted profit of between $25mn to $75mn for the last quarter of the current calendar year. However, Refinitiv data showed analysts on average expected $114 million for the same period.

Meanwhile, Uber reported a net loss of $2.4 billion for the third quarter mainly due to a drop in the value of its investment in Chinese ride-hailing company Didi. Uber registered a net loss of $1.09 billion in the same quarter last year. Didi’s market capitalization dropped by billions of dollars after China’s market regulator launched an anti-trust investigation.

However, Uber said its shares in Zomato, Aurora and Joby helped offset some of that loss. The company said its driver and courier base has increased by nearly 640,000 people since January. It spent more than $250 million to persuade drivers back after the coronavirus pandemic.

According to IBES data from Refinitiv, Uber’s overall revenue increased 72 percent to $4.8bn, more than an average analyst estimate of $4.4bn.

On Tuesday, Uber’s US rival Lyft Inc reported its second consecutive quarterly adjusted profit at $67.3 million. The company has predicted adjusted profit between $70 million and $75 million in the last quarter of the year.

Companies

Dubai warns engineering firms over costly villa designs

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Dubai Municipality has issued warnings to several engineering consultancy offices after finding that they exaggerated structural designs for citizens’ villas.

According to officials, these inflated designs went against the Dubai Building Code and led to unnecessary construction costs for property owners, without any real engineering need.

The move is part of the Municipality’s efforts to regulate Dubai’s construction sector and protect residents from extra financial burdens. Consultancy offices across the emirate had already been reminded through circulars to strictly follow approved engineering standards.

Eng. Maryam Al Muhairi, CEO of the Buildings Regulation and Permits Agency, said:

“Compliance with the Dubai Building Code is not only a legal requirement but also a professional and ethical responsibility. The goal is to ensure safe, high-quality construction without forcing citizens to pay more than necessary.”

She added that Dubai Municipality will continue to monitor consultancy offices and contractors to prevent excessive use of building materials, including steel, and ensure construction remains efficient, safe, and cost-effective.

Repeat offenders could face disciplinary measures, including poor annual evaluations or even suspension. Earlier this year, two consultancy offices were banned from licensing new projects for six months due to violations.

By cracking down on such practices, Dubai Municipality says it aims to strengthen the emirate’s construction sector, cut waste, and support sustainable urban growth.

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Business

UAE urges businesses to file Corporate Tax returns on time to avoid fines

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The Federal Tax Authority (FTA) has reminded companies in the UAE to finalise their financial records, submit their Corporate Tax returns, and pay any tax due within the official deadlines to remain compliant with the law.

In a statement today, the FTA stressed that all Corporate Tax taxpayers, including exempt persons required to register, must file their returns (or annual declarations) and settle outstanding tax within nine months from the end of each tax period.

The Authority underlined that timely filing and payment are legal obligations, with non-compliance exposing businesses to fines and penalties for delays or non-submission.

To ensure smooth and accurate filing, the FTA advised companies to begin preparations early by compiling essential documents such as commercial licences, financial statements, and business activity details. Early readiness, it said, allows registrants to meet obligations “efficiently and on time.”

Highlighting its role in supporting businesses, the FTA stated that it remains committed to enhancing services in line with global best practices. Digital filing and payment can be completed via the EmaraTax platform, available 24/7, which offers “clarity, ease, and speed.”

The Authority also urged taxpayers to ensure that submissions are complete and accurate. Corporate Tax returns can be filed directly through EmaraTax or with the assistance of authorised tax agents listed on the FTA’s website.

Stakeholders seeking detailed guidance on Corporate Tax law, implementing decisions, and related regulations can access resources directly at tax.gov.ae.

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Announcements

You might stop getting bank OTPs via SMS in UAE : Here’s why

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In a landmark move to boost digital banking security, banks across the UAE will begin phasing out one-time passwords (OTPs) sent via SMS and email starting Friday, July 25, 2025. The transition comes in line with new directives issued by the UAE Central Bank, mandating the adoption of app-based authentication for all local and international banking transactions.

The shift will be implemented in stages, with customers required to activate app-based verification systems to continue approving transactions. The complete phase-out of SMS and email OTPs is expected by March 2026.

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The UAE Central Bank’s initiative marks a significant departure from traditional OTP delivery methods, which have increasingly become targets for cyber threats. In contrast, app-based verification offers a more secure and reliable method for transaction approvals, leveraging advanced technology to safeguard user data and banking operations.

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