Uber lost $2.8 billion last year


Uber also declined to disclose its first quarter business numbers, but had previously said during a call with reporters that they continue to climb in the face of Uber's numerous challenges.

Uber sold its China business to domestic rival Didi Chuxing in August previous year.

If Uber Technologies Inc. had been a public company in 2016, it would have been among the top 10 biggest money losers.

In a separate emailed statement, Rachel Holt, Uber's regional general manager for the United States and Canada, said: "We're fortunate to have a healthy and growing business, giving us the room to make the changes we know are needed on management and accountability, our culture and organization, and our relationship with drivers".

Uber is now looking for a new chief operating officer to help Kalanick run the company. While the company garnered $2.9bn in revenue in the fourth quarter, a 74% jump from Q3, losses also swelled by 6.1% to a whopping $991m over the same period.

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While the rate of sales growth compared with losses is encouraging, Uber is still losing a significant sum, said Evan Rawley, a business professor at Columbia University.

Using the figure of $3.8 billion as a loss, Uber had a profit margin during 2016 of -58.5%. The company reported a net loss of $991 million for the fourth quarter, Bloomberg said, which presumably doesn't count stock-based compensation nor other potential charges.

Now valued at $69bn by investors, Uber has spent at least $8bn since it was founded back in 2009. As part of the deal, it received an 18 percent stake in local ride-hailing company Didi Chuxing and recognized the value of those shares in its financial statement.

Uber lost about $1 billion in China, according to Bloomberg and other sources, which adds up to an approximate net loss of $3.8 billion in 2016. Even its CEO, Travis Kalanick, found himself in a spot after he was videotaped arguing with an Uber driver over falling incomes. The company said it has $7 billion of cash on hand, along with an untapped $2.3 billion credit facility. Some companies that would likely rank higher than Uber on a GAAP-accounting basis would fall lower on a non-GAAP list.