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Uber's revenue hits $6.5b in 2016, still has large loss

Uber's revenue hits $6.5b in 2016, still has large loss”

Uber says it's using generally accepted accounting principles, but according to Bloomberg, Uber's revenue is "only the portion Uber takes from fares, except in the case of its carpooling service; the company counts the entire amount of an UberPool fare as revenue".

Of course, in its attempt to rapidly scale its global business, Uber is also burning through cash at an incredible rate, with losses of about $2.8 billion in the a year ago.

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Uber also declined to disclose its first quarter business numbers, but had previously said during a call with reporters that they continue to climb in the face of Uber's numerous challenges.

Holt added that a healthy business gives them "the room to make the changes we know are needed on management and accountability, our culture and organization, and our relationship with drivers".

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The company's public image trouble heated up in early February when a former engineer for the company said in a blog post that despite reporting unwanted sexual advances from a male colleague to HR, the company did nothing to resolve the situation.

For the final quarter of 2016, gross bookings increased 28 percent from the previous quarter, to $6.9 billion. Unfortunately, the last quarter of 2016 followed its earnings' overall trend for the year, and the losses for that period were 6.1 percent higher at $991 million. Kalanick has said he's seeking a chief operating officer to help right the ship.

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As a private company, now worth $68 billion (roughly Rs. 4,38,477 crores), Uber does not report its financial results publicly. "That's a lot of cash to burn in a quarter", said Evan Rawley, a business professor at Columbia University. The company told Bloomberg its net losses were $1.2 billion after accounting for the sale of its China business, taxes and other factors. The company noted it has not presented the numbers to investors yet. Even its CEO, Travis Kalanick, found himself in a spot after he was videotaped arguing with an Uber driver over falling incomes. Furthermore, Uber's loss statement "doesn't account for employee stock compensation, certain real-estate investments, automobile purchases, and other expenses".



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