Business

Uber Doubled Usage Last Year But Still Lost $2.8 Billion

Uber, the company with the highest enterprise value in Silicon Valley, reported financial performance, according to Bloomberg News and CNN Money.

The company earned $20 billion from passengers last year, doubling from the previous year.

However, the company paid a net profit of $6.5 billion to drivers, and the loss was valued at $2.8 billion. Loss statistics exclude losses from China operations that were sold last year.

Uber’s loss was found to be significant, but sales growth in the second half of the quarter was accelerated on a quarterly basis, the company said.

“Our business is growing healthily and we have room for reforms in management, accountability, culture, organization, articles and relationships,” said Rachel Holt, vice president of North America.

The results were released in the midst of an overall crisis with Uber’s scandal.

Uber is not listed, so they do not have to announce earnings. However, the company appears to have released earnings for the first time to signal that revenue growth is greater than the loss, CNN Money said.

Uber is in a tight spot for CEO Travis Kalanick to join Donald Trump’s economic advisory committee, as well as his departure to Uber. He is also accused of the expulsion of retired female employees, technology-stealing lawsuits from Google’s own autonomous vehicle division, and Kalanick’s arguing with Uber driver.

Uber’s corporate value is $ 68 billion, the highest among US start-ups.

Tech & Review covers breaking news and analysis on business, social media, security, mobile, IT, science, AI and More.

You can find the most important technology news on our site on a daily basis.

Copyright © 2017 Tech & Review. All rights reserved.

To Top