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

The privately held company is not required to reveal its financial results.

Uber - the privately-held ride-sharing company that investors value at almost $70 billion - gave a peek into its financials Friday, reporting that revenue growth is outpacing losses as it seeks to move the spotlight away from a recent string of executive departures occurring amid sexual harassment and toxic work environment claims.

In a separate emailed statement, Uber's regional general manager for the United States and Canada Rachel Holt 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 organisation, and our relationship with drivers". The company said it's pleased to see revenue growth far exceeding losses last year, and that its business is performing well this year even as it faces unyielding controversy.

Bloomberg put the ride-hailing giant's losses at $3.8 billion worldwide in 2016, including $1 billion in China before it sold that business a year ago.

The finances also show that during the last three months of 2016, the company's gross bookings increased 28% from the previous quarter to $6.9 billion, its revenue increased 74% to $2.9 billion and it recorded a loss of $991 million. Furthermore, Uber's loss statement "doesn't account for employee stock compensation, certain real-estate investments, automobile purchases, and other expenses".




Accounting note: While Uber only counts the commission it takes from private rides as part of its revenue, it counts the full price of the ride in the case of UberPool, its carpooling service. Uber's CEO had previously said it was losing $1 billion a year in China, prior to selling its China business to rival Didi Chuxing in August.

Uber's gross bookings reached $20 billion. The company said it has $7 billion of cash on hand, and $2.3 billion in untapped credit. Some companies that would likely rank higher than Uber on a GAAP-accounting basis would fall lower on a non-GAAP list.

While Uber did not disclose earnings for the first quarter of this year, the company said they were in line with expectations.

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