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

Uber, Amid Scandals, Releases Financials: Says Growth Outpaces Losses
Uber Is Losing an Absolutely Insane Amount of Money
Author

16 April, 2017

Its adjusted net loss was $2.8 billion (roughly Rs. 18,054 crores), excluding the operation in China it sold previous year, Uber said. The figures were first reported by Bloomberg.

"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, Uber's regional general manager for USA and Canada, said in a statement provided to CNNTech.

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

The results release comes soon after a slew of controversies and executive-level departures at the firm. Uber plans to bring in a chief operating officer to help run the company, and board member Arianna Huffington pledged to hold Uber's "feet to the fire" to improve gender and diversity issues in the workplace.

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.

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Since its inception in 2009, Uber has lost at least $8 billion, the report says. The company generated $2.9 billion in revenue, a 74 percent increase from the third quarter. Its rival, Lyft, just increased its valuation, thanks to a recent $500 million funding round, but still lags behind Uber at $7.5 billion.

Business Insider asked Uber for clarification on how entire UberPool fares can be counted towards revenue when it has to pay drivers out of those fares. Furthermore, Uber's loss statement "doesn't account for employee stock compensation, certain real-estate investments, automobile purchases, and other expenses".

In China alone, Uber's losses were pegged at $1 billion forcing it to wind up its business there, while global losses stood at $3.8 billion. Even its CEO, Travis Kalanick, found himself in a spot after he was videotaped arguing with an Uber driver over falling incomes.

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


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