SAN FRANCISCO • Uber last Friday released earnings figures that showed its loss narrowed in the final quarter of last year while revenue growth slowed as the ride-sharing giant prepares for a stock market debut.
The loss for the final three months of last year amounted to US$865 million (S$1.2 billion), compared with US$1.1 billion in the same period a year earlier.
The San Francisco-based firm reported revenue of US$3 billion, a 25 per cent increase from a year earlier. That's high by many standards, but significantly lower than Uber's third quarter year-over-year growth of 38 percent - a growth rate that was itself only about half the rate of six months prior.
Uber remains a private company, but it routinely discloses some earnings information. Chief executive Dara Khosrowshahi, who is steering the high-value start-up to a stock market debut this year, has promised greater transparency as he seeks to restore confidence in the global ride-sharing leader hit by a wave of misconduct scandals.
Revenue for the full year rose 43 per cent to US$11.3 billion, with Uber's annual loss shrinking 15 per cent to US$1.8 billion, according to the start-up.
Uber operates its ride-share business in dozens of countries and has expanded to new areas including food delivery, electric scooters and bikes. It is seen as the largest of the venture-backed start-ups with a presumed valuation of some US$70 billion. "Last year was our strongest yet, and the fourth quarter set another record for engagement on our platform," Uber chief financial officer Nelson Chai said in a released statement.
"Our ride-sharing business maintained category leadership in all regions we serve, Uber Freight gained exciting traction in the US, Jump e-bikes and e-scooters are on the road in over a dozen cities."
Based on gross bookings, Uber Eats has apparently become the largest online food delivery business outside China, said Mr Chai.
Uber is eyeing a valuation above US$100 billion for its much-anticipated share offering due this year, which would be the biggest-ever in the tech sector.
Sources said the global ride-sharing giant is considering speeding up its plans for an initial public offering to the first half of 2019, rather than the second half of the year.
AGENCE FRANCE-PRESSE, BLOOMBERG
