Uber Narrows Losses To $1.1 Billion As Fourth Quarter Bookings Rise

Uber Technologies Inc. continued to boost ridership and revenue throughout last year, despite a punishing stretch that included a sexual harassment scandal, the resignation of its longtime chief and a blockbuster lawsuit from its primary rival in self-driving vehicles.

The San Francisco company said revenue rose 12% in the fourth quarter to $2.26 billion from three months earlier while its loss narrowed to $1.1 billion, according to a detailed financial statement reviewed by The Wall Street Journal on Tuesday.

The privately held company isn’t obligated to disclose financial results publicly, and didn’t provide year-ago comparisons. Uber did provide results for all four quarters of the year, showing sales rising at least 10% between each three-month period.

Gross bookings, the amount of money Uber books before taking a roughly 25% commission per ride, was $11.06 billion, up 14% from the third quarter, according to the statements. This total, which includes the core ride-hailing as well as prepared food delivery and freight services, was up about 60% from a year-ago figure of $6.9 billion reported last year by the Journal. 

An expanded version of this report appears on WSJ.com.

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Source : https://www.marketwatch.com/story/uber-narrows-losses-to-11-billion-as-fourth-quarter-bookings-rise-2018-02-13

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