Uber's revenue hits $6.5 billion in 2016, still makes large loss
The logo of Uber is seen on an iPad, during a news conference to announce Uber resumes ride-hailing service, in Taipei, Taiwan April 13, 2017. REUTERS/Tyrone Siu
Ride-hailing service Uber Technologies Inc [UBER.UL] generated $6.5 billion in revenue last year and its gross bookings doubled to $20 billion, the ride-hailing service said on Friday.
Its adjusted net loss was $2.8 billion, excluding the operation in China it sold last year, said Uber, the largest of Silicon Valley's 'unicorns,' or venture capital-backed companies with a valuation above $1 billion.
As a private company, now worth $68 billion, Uber does not report its financial results publicly. Uber confirmed the figures in an emailed statement after Bloomberg first reported the results.
Uber did not provide first quarter figures, but a spokeswoman said they "seem to be in line with expectations."
In a separate emailed statement, Rachel Holt, Uber's regional general manager for the United States and Canada, said: "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.”
Uber has been rocked by a number of setbacks lately, including detailed accusations of sexual harassment from a former female employee and a video showing Chief Executive Travis Kalanick harshly berating an Uber driver.
The company is in the process of hiring a chief operating officer to help Kalanick manage the company, repair its tarnished image and improve its culture.
(Reporting by Sangameswaran S in Bengaluru; Editing by Bill Rigby)
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