Uber narrows losses, growth slows on the road to IPO

[SAN FRANCISCO] Uber on Friday released earnings figures that showed its loss narrowed in the final quarter of last year while revenue growth slowed as the ride-sharing giant prepares for a stock market debut.

The loss for the final three months of the year amounted to US$865 million, compared with US$1.1 billion in the same period a year earlier.

The San Francisco-based firm reported revenue of US$3 billion, a 25 per cent increase from a year earlier.

Uber remains a private company, but routinely discloses some earnings information.

Chief executive Dara Khosrowshahi, who is steering the high-value startup to a stock market debut this year, has promised greater transparency as he seeks to restore confidence in the global ridesharing leader hit by a wave of misconduct scandals.

Revenue for the full year rose 43 per cent to US$11.3 billion, with Uber's annual loss shrinking 15 per cent to US$1.8 billion, according to the startup.

Uber operates its ride-share business in dozens of countries and has expanded to new areas including food delivery, electric scooters and bikes. The company is seen as the largest of the venture-backed startups with a presumed valuation of some US$70 billion.

"Last year was our strongest yet, and Q4 set another record for engagement on our platform," Uber chief financial officer Nelson Chai said in a released statement.

"Our ride-sharing business maintained category leadership in all regions we serve, Uber Freight gained exciting traction in the US, JUMP e-bikes and e-scooters are on the road in over a dozen cities."

Based on gross bookings, Uber Eats has apparently become the largest online food delivery business outside of China, according to Mr Chai.

AFP