Inspite of Double the Bookings, Uber lost $2.8 Billion in FY16!

Inspite of Double the Bookings, Uber lost $2.8 Billion in FY16!

Inspite of Double the Bookings, Uber lost $2.8 Billion in FY16!

Though it isn't required to report its financial health since it is not a public company, Uber said a year ago gross bookings doubled to $20 billion after jumping 28% in the final three months of 2016 to $6.9 billion. Net revenue was $6.5 billion, while adjusted net losses were $2.8 billion, excluding the China business, which it sold last summer. In the fourth quarter, Uber says it booked $2.9 billion in revenue, which represented a 74% increase from the prior quarter.

"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, who runs Uber's operations in North America, said in a prepared statement.

Uber has come out with its financial results for the first time and it shows that the company is losing a lot of money.

The results release comes soon after a slew of controversies and executive-level departures at the firm. Travis Kalanick, the CEO, said he's seeking a chief operating officer to help right the ship.

In the last quarter of 2016, losses rose 6.1% to $991 million.

Kalanick, known for taking a hard line in battles with regulators and taxi operators, has been humbled by recent events which included the release of a dashcam video showing him berating and cursing at one of Uber's drivers.

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Uber lost about $1 billion in China, according to Bloomberg and other sources, which adds up to an approximate net loss of $3.8 billion in 2016.

Uber has burned through approximately $8 billion in eight years, Bloomberg reports, though Uber said it still has about $7 billion in cash, "along with an untapped $2.3 billion credit facility". Uber also considers the entire amount of UberPool fares as revenue, including the part taken by drivers.

Uber's gross bookings reached $20 billion.

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

Uber's loss statement also "doesn't account for employee stock compensation, certain real-estate investments, automobile purchases and other expenses".

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