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Uber posts $2.8 bn loss in 2016; revenue hits $6.5 bn

By Reuters

  • 17 Apr 2017
Uber posts $2.8 bn loss in 2016; revenue hits $6.5 bn

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

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

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

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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 percent from the previous quarter, to $6.9 billion. But Uber's losses grew to $991 million in the period, as revenues grew 74 percent to $2.9 billion from the third quarter.

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.”

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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 chief executive Travis Kalanick harshly berating an Uber driver.

The company is in the process of hiring a chief operating officer to help 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.

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