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Uber Hikes Sales, Narrows Losses
Uber Technologies Inc. says its adjusted net loss in 2018 narrowed 15% to $1.8 billion. Gross booking for the year totaled $50.2 billion.
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Uber Technologies Inc. says its adjusted net loss in 2018 narrowed 15% to $1.8 billion. Gross booking for the year totaled $50.2 billion.
The privately held ride-hailing service released unaudited partial financials late last week. The number provide a fuzzy and incomplete picture of Uber’s financial condition.
Analysts are focusing on the company’s dramatic slowdown in revenue growth last year. Compared to year-earlier figures, revenue in the fourth quarter rose 25% to $3 billion, compared with 38% growth in the third quarter and 70% in the first period.
Uber describes 2018 as its strongest year ever. The company continues to focus on growth over profits, pointing to expanding investments in electric bikes, food delivery, logistics and autonomous vehicles.
The company plans an initial public offering this year that is likely to value the company at $120 billion. But analysts say that Uber’s hefty annual losses and slowing revenue growth could lower that estimate.
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