Uber cut its losses in the past quarter, despite a rough year of executive turmoil and scandal.
Uber managed to grow its business in the last quarter, despite a few bumps in the road.
The San Francisco-based ride-hailing startup’s revenue in the fourth quarter rose 11.8 percent to $2.2 billion compared with the previous quarter, a source confirmed Tuesday. Uber’s gross bookings rose 14 percent to $11.1 billion in the fourth quarter compared with the previous quarter.
It also narrowed its loss to $1.1 billion from a loss of $1.46 billion in the previous quarter.
Uber isn’t yet a public company, so it isn’t required to publicly disclose its finances. But it started the practice last year, suggesting it may be looking to take the IPO plunge in the near future.
Last month, the startup closed a deal to sell $10 billion of its stock to a consortium led by Japanese internet giant SoftBank Group for a 15 percent stake in Uber, making Softbank Uber’s largest shareholder.
Uber agreed last week to pay $245 million to settle a trade secret lawsuit brought by Alphabet’s self-driving car spinoff, Waymo.
It was the first full quarter under the leadership of Dara Khosrowshahi, who took over as CEO of the troubled company in September. Khosrowshahi was hired to right a company rocked by a tumultuous year, one in which its CEO Travis Kalanick was forced to resign and more than 20 employees were fired after an investigation into sexual harassment allegations.
Tech Culture: From film and television to social media and games, here’s your place for the lighter side of tech.
Batteries Not Included: The CNET team shares experiences that remind us why tech stuff is cool.