Uber Lost $2.8 Billion Last Year

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Uber, the ride-hailing company, lost $2.8 billion in 2016, excluding its China business, according to newly-released numbers published in Bloomberg and reported on by Business Insider this week. Factoring in its China subsidiary, which it sold in July, the number is likely greater than $3 billion for the year.

Here are its key financials for 2016, per Uber’s release to Bloomberg:

  • Gross bookings: $20 billion (double its 2015 numbers)
  • Net revenue: $6.5 billion (excluding China)
  • Adjusted net losses: $2.8 billion

In the fourth quarter, Uber both increased its bookings and upped its losses, according to the report. Uber’s gross bookings rose to $6.9 billion in Q4, but its losses teetered close to a billion at $991 million.  Uber generated $2.9 billion in revenue in the fourth quarter alone.

Uber’s loss statement also “doesn’t account for employee stock compensation, certain real-estate investments, automobile purchases and other expenses.” Read at Business Insider.

{Matzav}

4 COMMENTS

  1. May they continue losing money
    I hate businesses that undersell their products to destro competition when they aren’t making money

    • Government? Are you serious? They bungle everything they touch. They got involved with the USPS. Look how that turned out. A total disaster.

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