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losangelesnewstoday.com August 16, 2017


Uber's revenue hits $6.5 billion in 2016, still makes large loss

16 April 2017, 02:21 | Maryann Sutton

Justin Sullivan Getty Images The Uber logo is seen in front of its headquarters

Uber lost $2.8 billion last year

Uber has released a very controlled peek at its financial situation to Bloomberg, a first for the ride-hailing giant that's exercised its right as a private company to tell the public as little as possible about its profits and losses.

Uber lost $1.2 billion when stripping out taxes, adding in the Didi shares it received in exchange for its money-losing China business, and accounting for other unnamed factors, according to the company's Bloomberg interview.

In 2016 gross bookings at the scandal-hit transport group reached $20bn (£16bn), while its net revenue came in at $6.5bn.

Uber's loss was an adjusted $2.8 billion for 2016.

The majority of the bookings went to Uber's drivers, who typically take home around 75% of each fare, leaving the San Francisco firm with $6.5 billion in revenue.

Despite Uber's rapid growth previous year, the ride-hailing company lost $2.8 billion.

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"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", Rachel Holt, who runs Uber's USA ride-hailing business, said in an email.

Uber is in the process of hiring a second-in-command for chief Travis Kalanick, who remains in the driver's seat as the company tries to plot a friendlier course with workers, riders and drivers. 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.

The ride-hailing company, for a period of time, was known as the best disruptive startup that was busy posting new records for growth and its leadership would welcome the storyline to return to that topic and not the current one. But on a quarterly basis, the company continued to grow sales at a fast clip in the second half of the year while keeping losses constant.

Uber received a valuation of $68 billion in a June 2016 funding round, and boasts the highest valuation of any company in The Wall Street Journal's billion-dollar club.

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