Uber Burned Through $2.8 Billion Last Year

Uber has been the subject of a lot of bad press recently and it appears that the company is trying to divert attention from that by revealing some big numbers that show how its business performed last year as far as the financials are concerned. It has taken the rather unusual step of releasing financial figures to highlight just how much its business grew in 2016.

Financial figures provided to Bloomberg reveal that Uber saw its gross bookings for 2016 cross $20 billion, more than doubling when compared to the previous year.

The company’s net revenues for the year, which is the total revenue after drivers have been given their cut, came out to be $6.5 billion for 2016. The company also burned through $2.8 billion in 2016 which excludes the China business that it sold last year.

Uber CEO previously said that the company was losing $1 billion per year in China before it sold the China business to local rival Didi Chuxing in August. If you look at its growth on a quarterly basis, losses were kept constant in the second half of the year as its business continued to grow at a healthy pace.

“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,” said Rachel Holt, Uber’s regional general manager for U.S. and Canada.

Adnan Farooqui
Categories: Transportation
Tags: Uber