Uber says growth strong as it gives a peek at earnings
- Author: Ronnie Bowen Apr 16, 2017,
Apr 16, 2017, 2:21
But during the same time, Uber reported $2.9 billion in revenue, a 74 percent increase from the third quarter, and the company's $6.9 billion in gross bookings marked a 28 percent increase from the previous quarter.
As a private company, Uber (or, in its full name, Uber Technologies Inc) is not required to publicly report any annual or quarterly figures.
Holt added that a healthy business gives them "the room to make the changes we know are needed on management and accountability, our culture and organization, and our relationship with drivers". 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.
Sensex vaults 213 points ahead of economic data, earnings
Meanwhile, the foreign funds sold net Rs. 716.19 crore yesterday, as per provisional figures. The NSE index Nifty was also trading higher by 7.95 points, or 0.09 per cent, at 9,189.40.
In the fourth quarter, Uber both increased its bookings and upped its losses, according to the report. The financials show that Uber continues to grow with impressive speed and despite its staggeringly high losses might be finding a handle to its constant cash burn. (Uber C.E.O. Travis Kalanick had said previously that his company was losing $1 billion every year in China alone). Per the Bloomberg piece, Uber's revenue is "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 reported a net loss of $991 million for the fourth quarter, Bloomberg said, which presumably doesn't count stock-based compensation nor other potential charges.
Uber has a message: It might be in the midst of several PR crises, but it's growing more than ever. The company was spending aggressively to compete in China, with about $1 billion in losses there past year, bringing its losses to $3.8 billion globally. It sold the China business in August to Didi Chuxing, receiving an 18 percent stake in the Chinese company. If you take into account Uber's operations in China, which it sold to local rival Didi Kuaidi a year ago, its losses likely top $3 billion. It's hard to compare Uber's business with any public company.
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.