Uber says it's in the black despite heavy losses

Uber Amid Scandals Releases Financials Says Growth Outpaces Losses
Uber says it's in the black despite heavy losses
Author

16 April, 2017

Ride-hailing service Uber Technologies Inc [UBER.UL] generated $6.5 billion in revenue previous year and its gross bookings doubled to $20 billion, the ride-hailing service said on Friday. It made $6.5 billion in net revenue, with $2.8 billion in adjusted net losses, excluding its Chinese business, which it sold last summer.

If Uber Technologies Inc. had been a public company in 2016, it would have been among the top 10 biggest money losers.

In the fourth quarter, Uber both increased its bookings and upped its losses, according to the report.

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

Uber lost about $1 billion in China, according to Bloomberg and other sources, which adds up to an approximate net loss of $3.8 billion in 2016. Meanwhile, its significant losses grew 5% to $991 million. (Uber C.E.O. Travis Kalanick had said previously that his company was losing $1 billion every year in China alone).

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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 organisation, and our relationship with drivers.
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 auto unit of Alphabet Inc. 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. This would seem to substantiate multiple reports a year ago claiming that Uber's losses were mounting and could exceed $3 billion.

Still, there's something fishy about Uber's balance sheet and some of the accounting behind the numbers the company selectively chose to share.

Uber's gross bookings reached $20 billion.

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. "This is a cash-burning machine".


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