Feb 14, 2018 - Technology
Uber's business grew despite 2017 turmoil
Despite Uber's brutal year of scandals and turmoil, the company is generating more revenue and narrowing its losses. Its net revenue for the quarter was $2.2 billion, up from $1.4 billion in the year ago quarter, while Uber narrowed its quarterly loss to $1.1 billion.
Why it matters: With its hopes to go public next year, Uber has to prove that it has a business that can exist without constant venture capital infusions.
- It posted $4.5 billion in losses for the year on about $7.5 billion in sales.
- Gross bookings in the fourth quarter (the total amount customers paid in fares) rose to more than $11 billion. For the year, total gross bookings were $37 billion.
- Its UberEats food delivery service has grown to about 10% of bookings, or $1.1 billion for the quarter.
Yes, but: It did increase its spend on driver bonuses and rider promotions.