Uber says growth strong as it gives a peek at earnings

Uber lost $2.8 billion last year
Justin Sullivan Getty Images The Uber logo is seen in front of its headquarters

16 April, 2017

In an attempt to showcase how much its revenues have grown, the embattled ride-hailing company opened its books to Bloomberg in an interview published Friday, revealing explosive sales growth over the past four years.

Uber generated $6.5 billion in revenue previous year and its gross bookings doubled to $20 billion, the company said on Friday. Of that $20 billion, Uber says $6.5 billion is net revenue, excluding its costs in China.

It's not required to disclose earnings information the way publicly traded companies must. As a result, its revenue ($2.9 billion) was 74 percent higher. Uber said global net losses were $1.2 billion after accounting for the sale, taxes and other factors.

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". Travis Kalanick, the CEO, said he's seeking a chief operating officer to help right the ship.

Besides, Uber has been facing a host of issues in recent months. Revenue includes only the portion Uber takes from fares, except in the case of its carpooling service; the company counts the entire amount of an UberPool fare as revenue. The company noted it has not presented the numbers to investors yet.

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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.

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.

Aswath Damodaran, a finance professor at New York University, echoed that sentiment in another statement to Bloomberg. The company lost over $991 million during the final quarter of 2016 implying a loss of $943 for its third quarter.

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