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Uber's revenue hits US$6.5b in 2016, still has large loss

Saturday, April 15, 2017 - 11:17

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Ride-hailing service Uber Technologies Inc generated US$6.5 billion in revenue last year and its gross bookings doubled to US$20 billion, the company said on Friday.

[BENGALURU] Ride-hailing service Uber Technologies Inc generated US$6.5 billion in revenue last year and its gross bookings doubled to US$20 billion, the company said on Friday.

Its adjusted net loss was US$2.8 billion, excluding the operation in China it sold last year, Uber said.

As a private company, now worth US$68 billion, Uber does not report its financial results publicly. It confirmed the figures in an emailed statement after Bloomberg reported the results.

Uber did not provide first quarter figures, but a spokeswoman said they "seem to be in line with expectations." For the final quarter of 2016, gross bookings increased 28 per cent from the previous quarter, to US$6.9 billion. But Uber's losses grew to US$991 million in the period, as revenues grew 74 per cent to US$2.9 billion from the third quarter.

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In a separate emailed statement, Rachel Holt, Uber's regional general manager for the United States and Canada, said: "We're fortunate to have a healthy and growing business, giving us the room to make the changes we know are needed on management and accountability, our culture and organization, and our relationship with drivers."

Uber has been rocked by a number of setbacks lately, including detailed accusations of sexual harassment from a former female employee and a video showing CEO Travis Kalanick harshly berating an Uber driver.

The company is in the process of hiring a chief operating officer to help Mr Kalanick manage it, repair its tarnished image and improve its culture.

Two of Uber's high-level executives recently said they intended to leave, and last week the company's communications head announced her departure.

REUTERS

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