According to Ride-hailing service Uber Technologies generated $6.5 billion in revenue last year and its gross bookings doubled to $20 billion, the company said on Friday. As a private company that is now worth $68 billion, Uber does not report its financial results publicly. Uber confirmed the figures in an emailed statement after Bloomberg first reported the results. Uber has been rocked by a number of setbacks lately, including detailed accusations of sexual harassment from a former female employee and a video showing Chief Executive Travis Kalanick harshly berating an Uber driver. We'll now will just have to wait and see how that all will affect Ubers bottom line.
As a private company, now worth $68 billion, Uber does not report its financial results publicly. It confirmed the figures in an emailed statement after Bloomberg reported the results.
For the final quarter of 2016, gross bookings increased 28 percent from the previous quarter, to $6.9 billion. But Uber's losses grew to $991 million in the period, as revenues grew 74 percent to $2.9 billion from the third quarter. Here’s where we know Uber has spent some of that scratch: developing self-driving vehicles, growing its food delivery business, paying drivers and employees, and a lot of affiliated lawsuits and lobbying.
In a separate emailed statement, Rachel Holt, Uber's regional general manager for the United States and Canada, said: "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.”
However, ridehailing industry insiders believe Uber is still spending more wisely on the ridesharing portion of its business than U.S. competitors Lyft.
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