MarketWatch First Take: What Uber’s financial results show [MarketWatch]
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Source: MarketWatch
What Uber’s financial results show Financial results disclosed by Uber Technologies Inc. are very selective data that gives only some of the story, but leave questions about whether the ride-hailing service’s hefty valuation is fully warranted. Bloomberg News reported Friday that the app giant saw its gross bookings, the total collected by the company for its services, more than double to $20 billion in 2016, while the percentage of that total that went to Uber (kind of) came in at $6.5 billion. Its adjusted net losses were $2.8 billion, excluding its exit from China, which it sold last summer to Didi Chuxing for a 20% stake in its Chinese rival. Uber CEO Travis Kalanick admitted in a blog post at the time that the two companies had invested billions in the Chinese market and that both had yet to turn a profit. It’s safe to say that Uber lost at least $3.8 billion in 2016, based on reports about how much Uber lost in China last year. Those figures though, also exclude how much it p
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