Uber hasn't been able to stop plowing through cash, and the ride-hailing company lost $2.8 billion in 2016, excluding its China business, according to newly-released numbers published in Bloomberg. Factoring in its China subsidiary, which it sold in July, the number is likely greater than $3 billion for the year.
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Uber booked $20 billion in rides in 2016, but it's still losing billions
Uber is growing both its bookings but also its losses.
Uber CEO Travis Kalanick
Uber released its numbers to the public for the first time ever on Friday to show that its sales growth has remained strong even as it entered a tumultuous 2017.
Here are its key financials for 2016, per Uber's release to Bloomberg:
- Gross bookings: $20 billion (double its 2015 numbers)
- Net revenue: $6.5 billion (excluding China)
- Adjusted net losses: $2.8 billion
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In the fourth quarter, Uber both increased its bookings and upped its losses, according to the report. Uber's gross bookings rose to $6.9 billion in Q4, but its losses teetered close to a billion at $991 million. Uber generated $2.9 billion in revenue in the fourth quarter alone.
However, those numbers come with a lot of caveats. Uber says it's using generally accepted accounting principles, but according to Bloomberg, Uber's revenue is "
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