BUSINESS

Uber Suffers Loss Despite $6.5 Billion in Revenues Last Year

Uber Technologies Inc., the transportation network company headquartered in San Francisco, California, the United States, which operates in 570 cities worldwide reportedly generated $6.5 billion in revenue last year and shows gross bookings doubling to $20 billion.

Its adjusted net loss was $2.8 billion, excluding its operation in China which it sold last year.

It is estimated that the company is now worth $68 billion. That said, the company has no obligation to report its financial results publicly as it’s a privately held company.

However, it confirmed the figures in an emailed statement after Bloomberg reported the results.

For the final quarter of 2016, the company shows gross bookings increased 28 percent from the previous quarter to $6.9 billion.

The company’s losses, however, grew to $991 million in the period as revenues grew 74 percent to $2.9 billion from the third quarter.

Carol Maye, Readers Bureau, Fellow

Edited by Jesus Chan

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