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Illustration: Lazaro Gamio/Axios

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.

Go deeper

"Atmospheric river" to whiplash Northern California from drought to flood

A map depicting 24-hour preciptation forecast (inches) ending Monday at 5a.m. local time. Photo: NOAA

A series of powerful "atmospheric river" storms are set dump historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest from this weekend, forecasters warn.

Why it matters: A strong atmospheric river, packing large amounts of moisture, is predicted to whiplash Northern California from drought to flood.

10,000 trees near giant sequoia groves to be removed after fires

A firefighter looks up at a giant sequoia tree after fire burned through the Sequoia National Forest near California Hot Springs, California, on Sept. 23. Photo: Patrick T. Fallon/AFP via Getty Images

"Upwards of" 10,000 trees near giant sequoia groves have been "weakened by drought, disease, age, and/or fire" and must be removed in the wake of California's wildfires, the Sequoia and Kings Canyon National Parks announced.

Why it matters: The damage to these trees, considered "national treasures," and work to remove them means a nearby key highway must remain closed to visitors as they have "the potential to strike people, cars, other structures, or create barriers to emergency response services," per a statement from the national parks.

Obama stumps for McAuliffe, urges Virginians not "to go back to the chaos"

Photo: Win McNamee/Getty Images

Former President Barack Obama framed a Nov. 2 gubernatorial race as a bellwether for the Democratic Party and the country, telling a crowd at a campaign event for Terry McAuliffe on Saturday that "I believe you, right here in Virginia, are going to show the rest of the country and the world that we're not going to indulge in our worst instincts."

Why it matters: With just over a week to go before Election Day in the Commonwealth, McAuliffe is bringing out the big guns. The 44th president appeared on the campus of Virginia Commonwealth University to urge supporters to get to the polls.