Uber Technologies Inc. isn't required to report its finances publicly, but the privately held company has chose to forgo that luxury for the first time.
The net loss Uber pointed to, $2.8 billion excluding its China losses and other factors, is larger than the non-GAAP net loss for all but one company in the S&P 500 index SPX, -0.68%: ConocoPhilips COP, -1.66% which reported a non-GAAP loss of $3.3 billion for the year, Audit Analytics reported.
Uber has come out with its financial results for the first time and it shows that the company is losing a lot of money. In the last quarter of 2016, shortly before the #DeleteUber campaign prompted some 200,000 people to delete their accounts, gross bookings increased 28 percent over the previous three months, and revenue increased 74 percent-vastly outpacing losses, which grew 5 percent during the same period. Losses rose 6.1 percent to $991 million.
While Uber did not disclose earnings for the first quarter of this year, the company said they were in line with expectations. 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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Using the figure of $3.8 billion as a loss, Uber had a profit margin during 2016 of -58.5%.
In a separate emailed statement, Uber's regional general manager for the United States and Canada Rachel Holt said: "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 organisation, and our relationship with drivers". Kalanick has said he's seeking a chief operating officer to help right the ship. The company was spending aggressively to compete in China, with about $1 billion in losses there past year, bringing its losses to $3.8 billion globally. Uber also considers the entire amount of UberPool fares as revenue, including the part taken by drivers.
The numbers released by the company were leaked in different quantities previously, but the disclosure this week was a positive move by Uber.
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