Uber narrowed losses last year but saw revenue growth slow dramatically in the fourth quarter ahead of its IPO.
The ride-hailing app said revenue grew just two per cent in the final three months of 2018 to $3bn (£2.3bn), a slowdown from the 38 per cent rise the previous quarter.
Revenue for 2018 as a whole was $11.3bn – up 43 per cent on the previous year.
Full year losses narrowed, down 15 per cent from 2017, but the company still reported losses of $1.8bn, which may concern investors ahead of its eagerly-anticipated IPO.
The company continued to grow its global reach, reporting that annual bookings rose 45 per cent and generated $50.2bn over 2018, including its food delivery service Uber Eats.
The San Francisco-based firm filed for an an initial public offering (IPO) with the Securities and Exchange Commission (SEC) in November.
“Last year was our strongest yet, and Q4 set another record for engagement on our platform,” chief financial officer Nelson Chai said.
“In 2018, our ride-sharing business maintained category leadership in all region we serve.” he added.
Rival ride-hailing company Lyft has trebled its reach in the past two years and now serves 600 cities in North America.
Lyft is also preparing for an IPO and has been pitching its rapid growth to investors to get ahead of Uber in the race to list.
As a result of Lyft’s rise, Uber’s profits from US rides have dropped and separately it has lowered driver fees in South America to ward off other rivals.
Both are expected to launch their IPOs later this year.
“Uber needs to show it can control costs and can make money, basically provide a strong argument that its business model is not broken and that it can achieve and sustain profitability despite issues with drivers, customers and politicians,” David Brophy, professor of finance at University of Michigan’s Ross of School of Business said.