Uber lost $1.07B in third quarter

Uber said Wednesday it lost $1.07 billion in the third quarter, more than in the prior period and less than in the same period a year ago, as it has invested heavily outside of its core business.

Uber’s growth appears to be slowing. The ride-hailing company’s revenue rose 38 percent in the third quarter from a year ago to $2.95 billion, down from a gain of 51 percent in the prior quarter.

Uber is preparing for an initial public offering next year.

Powell says Fed deserves credit

Jerome Powell, the chairman of the Federal Reserve, countered President Donald Trump’s repeated attacks on the Fed during a question-and-answer session at the Federal Reserve Bank of Dallas on Wednesday.

The Fed is doing its job, he said, and the economy is doing well. He added that the Fed deserved credit for its role in the long and steady expansion.