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.
Warm finish to the week, isolated storms
A warm front approaches Saturday night bringing another chance for showers followed by a warm and windy Easter Sunday . TUESDAY: Partly to mostly cloudy skies and a few rain showers will be possible, with a high temperature of 73 degrees.
'Baahubali: The Conclusion': SS Rajamouli promises more drama, action and thrill
Baahubali 2, a sequel to the 2015 hit Baahubali: The Beginning also stars veteran actors Sathyaraj, Ramya Krishnan and Rohini. When asked how it felt to be a part of India's biggest motion picture franchise, Prabhas said it was tiring.
Cubs Players React to David Ross' Dance Monday
I'm surprised ya'll wanted me [on the show] after saying I couldn't dance! "It was a great experience I enjoyed myself". Thanks to in-vitro fertilization, she was able to carry two more children to term, and fulfill her longtime dream.
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".
Vidya Balan: No competition with Rituparna Sengupta
The Jharkhand government last week had announced that the film Begum Jaan will become tax-free in the state. Now with " Begum Jaan ", he will be showered with the love of people of the entire country.
Sexual abuse at boarding school went on for decades
Most horrific is the complete lack of action on the part of the administration-not a single incident was reported to the police. In some cases, the school moved slowly and faculty members were allowed to stay at the school for a long period of time .
Syria's Assad says chemical attack '100 percent fabrication'
Denying any involvement whatsoever, the Syrian leader said: "A hundred percent for us, it's fabrication". The OPCW's Fact Finding Mission in Syria investigates alleged attacks, but does not apportion blame.
Oil demand growth seen slowing for a second year
Demand growth for 2017 is now expected to be 1.3 million barrels per day, down from the IEA's previous forecast of 1.4 million. The combination of factors could keep a lid on oil prices, which have risen in the past six months after a three-year slump.
North Carolina's "bathroom bill" repeal: who's satisfied?
Gone was the city ordinance that, for a month, let transgender people use the public restroom of their gender identity. NCAA President Mark Emmert said that a decision on whether the new law meets that requirement will come next week.
WWE SmackDown results: Styles featured as Owens, Charlotte make debuts
A lot of people were surprised since Styles was rumored to be re-entering the WWE Title picture to feud with Randy Orton. After the commercial break, WWE aired a separate, "sexier" promo for Lana, noting that she would be "coming soon".
US Seeks to Fight Islamic State, Oust Syria's Assad
Haley, for example, questioned why Moscow rushed to Syria's defense so soon after the chemical weapons attack. Speaking on Fox News Sunday, McMaster said the United States would take further action in Syria if necessary.
OnePlus 5 could be badass, here's why
As we approach summer again, rumors and reports are already filling the internet about the OnePlus 5, the company's 2017 flagship. This had lead to a conundrum regarding the fingerprint scanner since there probably won't be a physical home key to house it.
'Worst Hamburger Product': Burger King's Ad Stunt Backfires
It's not the first time virtual assistants have been activated by the television - to the profound annoyance of users. In March, Google Home irritated people when, unprompted, it alerted them to the opening of "Beauty and the Beast".
Venezuela protesters target Maduro, vow to keep up pressure
Another 19-year-old man, Jairo Ortiz, died on Thursday after being shot in the chest when police broke up a protest in Caracas . On Monday alone, more than 200 people were injured, according to opposition reports.
Apr 15 2017