|Published : 16 Apr 2017, 17:41:29|
Still robust in size, Uber faces growing losses, though revenues are up
Uber remains the most heavily loss-making company in the history of Silicon Valley, according to a global media report.
The company’s full year revenues in 2016, as the report said, were $6.5bn, with gross bookings of around $20bn.
The transportation company that is based in San Francisco in the USA is reported to have incurred a loss of $991m in the fourth quarter, though its revenues were up by 70 per cent to $2.9bn during the quarter under report over that of the previous quarter, the report added.
The loss in the fourth quarter of 2016 represented sequential rise of 6.1 per cent over that of the third quarter in the year, according to the report.
The adjusted loss of the company -- $2.8bn in 2016 -- excluded the heavy losses from its business in China, which it sold last August, the report added.
However, Uber is still the Silicon Valley’s most valuable private company with a valuation of $62.5bn, the report said, adding that it has raised more than $15bn from investors in equity and debt.
The company’s cash on hand amounts now to $7.0 billion and its untapped credit line stands at $2.3bn, the report added.