Uber business — and losses — grows ahead of IPO
Uber on Friday released its latest quarterly financials, likely its last before formally filing to go public, showing continued growth and investment in areas like UberEats.
The bottom line: The numbers show continued growth and investment in areas like UberEats, but still no profits.
Top line: Fourth quarter GAAP revenue was $3 billion, up 24% year-over-year and 2% from the prior quarter.
- Gross bookings for the quarter were $14.2 billion, up 37% year-over-year and 11% from the prior quarter.
- GAAP revenue of $11.3 billion for 2018, up 43% from 2017. Gross bookings for the year hit $50 billion, up 45% from 2017.
Bottom line: GAAP net losses for the quarter was $865 million, smaller than its $1.07 billion loss in the previous quarter.
- Uber's adjusted EBITDA losses (its preferred metric) for Q4 grew 60% from the prior quarter to $842 million and 88% from a year ago, amid a push into its food delivery business and in regions like Latin America, where it's facing stiff competition.
- However, its 2018 adjusted EBITDA losses shrunk 15% to $1.8 billion.
Other: Uber has $6.4 billion in unrestricted cash, up from $4.8 billion in Q3 as it received the funds from its bond offering in late 2018 and equity investment from Toyota.