Uber's latest financials revealed as it drives closer to IPO

Lynsey Barber
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The New York Times 2017 DealBook Conference
Dara Khosrowshahi has his first full financial quarter under his belt (Source: Getty)

The amount of cash Uber is bringing in is growing and losses narrowed at is heads towards an IPO pencilled in for 2019.

The ride-hailing startup's adjusted net revenue came in at $2.2bn (£1.6bn) for the fourth quarter, while it clocked up sales of $7.5bn and the total value of its fares grew to $11bn.

Adjusted losses were narrowed to $741m from $1.02bn in the previous quarter, and to $1.1bn in a GAAP (generally accepted accounting principles) basis, from $1.85bn in the previous quarter.

Read more: Uber boss says company can be profitable within three years

But for the full year, losses swelled to their largest ever: $4.5bn versus $2.8bn in 2016. Uber wasn't helped by the cost of a high profile lawsuit with Google's self-driving car arm Waymo, which ended up being settled last week.

They're the first full quarter earnings under new chief executive Dara Khosrowshahi who arrived in September. Getting its finances into shape is one of the many points on his long to do list.

He last month said he expected the multi-billion dollar valued startup to start turning a profit within the next three years.

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