The San Francisco ride-hailing giant said it more than doubled gross bookings in 2016 to $20 billion. Revenue came in at $6.5 billion with adjusted net losses of $2.8 billion, the company told FOX Business on Friday.
Gross bookings accelerated 28 per cent to $6.9bn in the final quarter of previous year, but though losses reached $991m in the same period. While the company garnered $2.9bn in revenue in the fourth quarter, a 74% jump from Q3, losses also swelled by 6.1% to a whopping $991m over the same period.
Uber lost 5% more during its fourth quarter in 2016 compared to its third quarter the same year. At the same time, losses - which do not take into account employee stock compensation, some investments in real estate, auto purchases and other expenses - rose 5% to $991 million, the company said.
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"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 drives", Uber's regional general manager of the USA and Canada, Rachel Holt, said in a statement.
Uber is in the process of hiring a second-in-command for chief Travis Kalanick, who remains in the driver's seat as the company tries to plot a friendlier course with workers, riders and drivers.
Uber said it uses generally accepted accounting principles. Jeff Jones, the company's president of ridesharing who resigned last month, previously joked to staff that he joined Uber expecting P&L, meaning a profit and loss statement, but only found an L.
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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. Some companies that would likely rank higher than Uber on a GAAP-accounting basis would fall lower on a non-GAAP list.
Uber received a valuation of $68 billion in a June 2016 funding round, and boasts the highest valuation of any company in The Wall Street Journal's billion-dollar club. Chipmakers Qualcomm Inc. and Micron Technology Inc., which require large capital investments, never lost that much.
Aswath Damodaran, a finance professor at New York University, echoed that sentiment in another statement to Bloomberg.
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