Uber Confirms Horrendous Loss in 2016

Posted: April 16, 2017 in Uncategorized

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Cementing its place as the most heavily-lossmaking private company in the history of Silicon Valley – couldn’t happen to a more deserving company (in view of their barbaric treatment of employees – see https://stuartjeannebramhall.com/2016/10/28/tribunal-rules-uber-drivers-are-employees-not-slaves/

sentinelblog

From Wolf Street, by Wolf Richter

“Cementing its place as the most heavily-lossmaking private company in the history of Silicon Valley.”

On Good Friday, when markets were closed and when the entire financial world was tuned out, and when certainly no one was supposed to pay attention, Uber, the most highly valued – at $62.5 billion – and the most scandal plagued tech startup in the world, took the until now unprecedented step of disclosing its audited revenues and losses for the fourth quarter and for the full year of 2016.

Rumors of ballooning losses for 2016 had been swirling since last summer. Bloomberg reported in August that Uber had lost “at least $1.2 billion” in the first half. In December, Uber’s loss in Q3 was said to “exceed $800 million,” according to Bloomberg, and its annual loss “may hit $3 billion.” Others chimed in as some of…

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Comments
  1. Painful as it is for working families, I suppose this has been one good outcome of austerity, futuret – to strip people of their compulsive materialism.

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