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POST TIME: 17 February, 2019 00:00 00 AM
Uber narrows losses, growth slows on the road to IPO
FP, San Francisco

Uber narrows losses, growth slows on the road to IPO

Uber on Friday released earnings figures that showed its loss narrowed in the final quarter of last year while revenue growth slowed as the ridesharing giant prepares for a stock market debut.

The loss for the final three months of the year amounted to $865 million, compared with $1.1 billion in the same period a year earlier.

The San Francisco-based firm reported revenue of $3 billion, a 25 per cent increase from a year earlier.

Uber remains a private company, but routinely discloses some earnings information.

Chief executive Dara Khosrowshahi, who is steering the high-value startup to a stock market debut this year, has promised greater transparency as he seeks to restore confidence in the global ridesharing leader hit by a wave of misconduct scandals.

Revenue for the full year rose 43 per cent to $11.3 billion, with Uber’s annual loss shrinking 15 per cent to $1.8 billion, according to the startup.

Uber operates its rideshare business in dozens of countries and has expanded to new areas including food delivery, electric scooters and bikes. The company is seen as the largest of the venture-backed startups with a presumed valuation of some $70 billion.