Uber's revenue hits $6.5 billion in 2016, still makes large loss

Uber's revenue hits $6.5 billion in 2016, still makes large loss

Uber's revenue hits $6.5 billion in 2016, still makes large loss

Its adjusted net loss was $2.8 billion, excluding the operation in China it sold past year, said Uber, the largest of Silicon Valley's 'unicorns, ' or venture capital-backed companies with a valuation above $1 billion.

However, its adjusted net loss was $2.8 billion, excluding the operation in China it sold past year, Uber said. The figures were first reported by Bloomberg.

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 $68 bn private company Uber does not report its financial results publicly.

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

While Uber did not disclose earnings for the first quarter of this year, the company said they were in line with expectations. But during the same time, Uber reported $2.9 billion in revenue, a 74 percent increase from the third quarter, and the company's $6.9 billion in gross bookings marked a 28 percent increase from the previous quarter. 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. 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 vehicle unit of Alphabet Inc. The company told Bloomberg its net losses were $1.2 billion after accounting for the sale of its China business, taxes and other factors. At the same time, losses - which do not take into account employee stock compensation, some investments in real estate, vehicle purchases and other expenses - rose 5% to $991 million, the company said.

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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.

The numbers released by the company were leaked in different quantities previously, but the disclosure this week was a positive move by Uber. Even its CEO, Travis Kalanick, found himself in a spot after he was videotaped arguing with an Uber driver over falling incomes.

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