Uber hails $6.5 billion in revenue in 2016, still makes large loss

Uber hails $6.5 billion in revenue in 2016, still makes large loss

Troy Powers
April 16, 2017

But the ride-hailing firm proactively shared its finances, Bloomberg reported, presumably to highlight its ongoing revenue growth and shrinking losses despite the recent string of scandals that have thrown the company's business, culture and leadership into question. Uber generated $2.9 billion in revenue in the fourth quarter alone.

Uber's gross bookings for 2016 hit $20 billion, more than doubling from the year prior, according to financial figures the company provided to Bloomberg.

That's not bad at all, except its net losses for the year were $2.8 billion, excluding the $1 billion it lost in 2016 from its failed venture in China.

For the final quarter of 2016, gross bookings increased 28 percent from the previous quarter, to $6.9 billion.

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Holt added that a healthy business gives them "the room to make the changes we know are needed on management and accountability, our culture and organization, and our relationship with drivers". The company reported a net loss of $991 million for the fourth quarter, Bloomberg said, which presumably doesn't count stock-based compensation nor other potential charges. Since the calendar has changed to 2017, Uber has faced criticism for its workplace culture and comments made by Chief Executive Travis Kalanick, as well as a lawsuit from Waymo, the self-driving vehicle unit of Alphabet Inc.

Since its inception in 2009, Uber has lost at least $8 billion, the report says. Jeff Jones, the company's president of ridesharing who resigned last month, previously joked to staff that he joined Uber expecting P&L, meaning a profit and loss statement, but only found an L.

Included in its revenue figures is the portion Uber takes in fares with exception of its carpool service, in which it counts the entire amount of those fares as revenue. The company was spending aggressively to compete in China, with about $1 billion in losses there a year ago, bringing its losses to $3.8 billion globally. Some companies that would likely rank higher than Uber on a GAAP-accounting basis would fall lower on a non-GAAP list.

"Uber is a one-of-a-kind company, in good ways and bad ways".