Uber has spent over $8 billion since it was founded in 2009

Posted on:15 Apr 2017 17:14:07
Uber has spent over $8 billion since it was founded in 2009
15 April 2017 Current Affairs:

Uber Technologies Inc. isn’t required to report its finances publicly, but the privately held company has decided to forgo that luxury for the first time. Uber said its revenue growth is outpacing losses, hoping to show the business is on a strong trajectory as it attempts to address a recent cascade of scandals.The ride-hailing giant more than doubled gross bookings in 2016 to $20 billion, according to financial information Uber shared with Bloomberg. Net revenue was $6.5 billion, while adjusted net losses were $2.8 billion, excluding the China business, which it sold last summer.Uber declined to report first-quarter numbers, saying they were in line with expectations but that the company hasn’t yet presented them to investors. The company said it’s pleased to see revenue growth far exceeding losses last year and that its business is still performing well this year even as it faces unyielding controversy. “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 organization, and our relationship with drivers,” Rachel Holt, who runs Uber’s U.S. ride-hailing business, wrote in an emailed statement.Valued at $69 billion by investors, Uber operates in about 75 countries. The company was spending aggressively to compete in China, with about $1 billion in losses there last year, bringing its losses to $3.8 billion globally. It sold the China business in August. As part of the deal, it received an 18 percent stake in local ride-hailing company Didi Chuxing and recognized the value of those shares in its financial statement. Uber said global net losses were $1.2 billion after accounting for the sale, taxes and other factors.Since it was founded in 2009, Uber has burned through at least $8 billion. The company said it has $7 billion of cash on hand, along with an untapped $2.3 billion credit facility.

Uber

Cash in hand - $ 7 billion

Credit facility - $ 2.3 billion


Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs December 2017

11 DECEMBER
NEWS
10 DECEMBER
NEWS
9 DECEMBER
NEWS
8 DECEMBER
NEWS

Current Affairs November 2017

30 NOVEMBER
NEWS
29 NOVEMBER
NEWS
28 NOVEMBER
NEWS
27 NOVEMBER
NEWS

Current Affairs October 2017

31 OCTOBER
NEWS
30 OCTOBER
NEWS
29 OCTOBER
NEWS
28 OCTOBER
NEWS