Uber just opened up its books for the first time

Apr 16, 2017, 02:12
Uber just opened up its books for the first time

Uber generated $6.5 billion in revenue past year and its gross bookings doubled to $20 billion, the company said on Friday. Uber had net revenue of $6.5 billion, on top of adjusted net losses of $2.8 billion, not including its business in China, which it sold.

Q4 bump: In the fourth quarter of 2016, gross bookings grew 28% from the previous quarter to $6.9 billion, and Uber brought in $2.9 billion in net revenue, a 74% bump from the third quarter.

But the company confirmed the figures in an emailed statement after Bloomberg reported the results.

"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, regional GM at Uber, told Bloomberg.

The results release comes soon after a slew of controversies and executive-level departures at the firm.

For all the turbulence that Uber has experienced in the past year-allegations of sexism, an executive exodus, a lawsuit that could throw a wrench in the company's plans to develop self-driving cars-one thing has remained constant: Uber, the world's most valuable tech company at $68 billion, is still losing a startling amount of money. Uber's losses, he says, also don't "account for employee stock compensation, certain real-estate investments, automobile purchases and other expenses". Since the calendar has changed to 2017, Uber has faced criticism for its workplace culture and comments made by Chief Executive Travis Kalanick, as well as a lawsuit from Waymo, the self-driving auto unit of Alphabet Inc. Uber's CEO had previously said it was losing $1 billion a year in China, prior to selling its China business to rival Didi Chuxing in August.

Business Insider asked Uber for clarification on how entire UberPool fares can be counted towards revenue when it has to pay drivers out of those fares.

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". It's hard to compare Uber's business with any public company.

Uber's gross bookings reached $20 billion.