Brief: Uber’s revenue hits $6.5b in 2016, still losing $2.8b

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• Uber has revealed that its revenue growth has outpaced losses, and that it still has enough cash reserves to tide through years of unprofitability.
• The ride-hailing giant saw a net revenue of US$6.5 billion in 2016, and an adjusted net loss of US$2.8 billion. Revenue in the last three months of 2016 grew 74 percent over the previous three months, while losses grew 6.1 percent in the same period. Gross bookings increased 126 percent in 2016 to around US$20 billion.
• The company has US$7 billion of cash on hand, with another US$2.3 billion in an untapped loan.
• Uber has lately been embroiled in scandal after scandal, and has been hit by a series of senior staff departures. It competes with Grab and Go-Jek in Southeast Asia, and Ola in India.

Source: Bloomberg

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