Uber Officially Lost $2.8 Billion In 2016

Uber lost 2.8 billion dollars in the year 2016. There has been a lot of negativity going on lately with the ride sharing company for spying on Lyft drivers as well as a few other things. They are going through a lot of turmoil right now and hopefully they can get back on a positive track and move forward.

Key Takeaways:

• 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.
• Uber says it’s using generally accepted accounting principles, but Bloomberg claims Uber counts the entire UberPool fare as revenue instead of just the Uber portion of the fare.
• Business Insider asked Uber for clarification on how entire UberPool fares can be counted towards revenue when it has to pay drivers out of those fares.

“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.”

http://www.lctmag.com/operations/news/721961/uber-officially-lost-2-8-billion-in-2016