Uber And Lyft IPOs May Still Be A While

The year 2017 was not a very friendly year for ride-sharing giant Uber. The company was embroiled in controversy surrounding its corporate culture and business practices, it let go of its founder, and continued to deal with legal cases relating to trade secret thefts. Uber continues to pay for its issues in the current year as it struggles to regain some of that lost ground.

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Photo Credit: Núcleo Editorial/Flickr.com 

Uber’s Financials

According to recent reports, Uber’s gross revenues grew 85% to $37 billion. On a net basis, revenues grew to $7.4 billion, and it ended the year 2017 with a loss of $4.5 million. For the fourth quarter of the year, Uber saw gross revenues grow 61% to $11.1 billion. Net revenues for the quarter grew 61% to $2.2 billion – a record level for the company. It ended the quarter with a net loss of $1.1 billion. It is still not profitable in most of its US markets. At the end of the quarter, Uber had $6 billion in cash and reported a negative cash flow of $160 million for the quarter. Uber is still privately held and is not required to disclose its financials. However, it has decided to publish some of its financials to help the market understand where it stands.

Uber is venture funded so far with $21.1 billion in funding from investors including Saudi Arabia’s Public Investment Fund, Morgan Stanley, AITV, Baidu, Benchmark, Bennett Coleman and Co, BlackRock, CrunchFund, Cyan Banister, Data Collective, Fidelity Investments, First Round, Foundation Capital, Founder Collective, Garrett Camp, Goldman Sachs, GV, HDS Capital, Innovation Endeavors, Jeff Bezos, Kleiner Perkins, Lone Pine Capital, Lowercase Capital, Menlo Ventures, Microsoft, New Enterprise Associates, Sherpa Capital, Summit Partners, Techstars Ventures, TPG Growth, Tusk Ventures, Valiant Capital Partners, and Wellington Management. Its last raised $1.25 billion in January this year in a round led by SoftBank. The round valued Uber at $48 billion – a significant decline over its peak valuation of close to $70 billion last year.

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Sramana Mitra is the founder of One Million by One Million (1M/1M), a global virtual incubator that aims to help one million entrepreneurs ...

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