Uber Technologies reported an adjusted net loss of a whopping $2.8 billion even after a phenomenal year. The cab-hailing service provider’s booking was greatly increased, doubled to be exact, last year at $20 billion but still manages to dwindle down. The loss excludes its China operations, which was sold around mid-2016. This is the first time the company opened its financial performance to the public.
According to recent news, the company tallied net revenue is around $6.5 billion, excludes their Chinese operations. The company released its quarter reports for the first time, but despite the loss, Uber can still post positive outlooks entering 2017 as the doubled booking provides a silver lining.
Uber’s Fourth Quarter
The cab tech company unveiled that they were able to garner as much as $6.9 billion on its fourth quarter, it is a 28% increase from the previous quarter last 2015; it also took home an estimated $2.9 billion in the same quarter alone. Even with the tremendous figures, Uber propagated on its last quarter of 2016, they still stand under losses of teetered close to billion dollars, estimated at $991 million.
According to the company’s regional general manager for the United States and Canada "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.”
Uber’s 2016 Setback
The San Francisco-based tech company took a lot of beating on the sides that may
Uber’s former engineer explicitly cited its well detailed sexual harassments and discrimination she had gone to from the management and repeated rebuffs from the HR department. This news took the whole world like wildfire; this also brought the #DeleteUberCampaign that lavishly destroyed the company’s brand online.
Possible Future for Uber
The multi-billion cab company is also under a tremendous pressure on looking for a chief operating officer that can partner up and help CEO Kalanick manage the tech company. The main fixing they will be looking to handle is the disrupted brand image it
Uber was founded around 2009, and over the course of almost 8 years they had already burned $8 billion; that’s a billion dollars a year. According to the company, they currently have $7 billion of cash on hand, accompanied by $2.3 billion of credit facility. Its closest rival, the
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