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Uber registers $3b in revenue for Q4 2018

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US ride-hailing company Uber Technologies Inc. Friday reported 3 billion US dollars in revenue for the fourth quarter of 2018, representing a 25-percent year-on-year increase.

US ride-hailing company Uber Technologies Inc. Friday reported 3 billion US dollars in revenue for the fourth quarter of 2018, representing a 25-percent year-on-year increase.

The San Francisco-based firm said it generated a net revenue of about 11.4 billion dollars last year, and the 3 billion dollars in the last three months of the year was a 2-percent growth from the previous quarter

Compared with the 43-percent annual growth rate of the full year of 2018 and the company's third quarter year-on-year increase of 38 percent, the 25-percent increase showed a slower pace of growth when the company is preparing a stock market debut.

According to Uber, its annual losses shrank 15 percent to 1.8 billion dollars from the figure of 2.2 billion dollars in 2017, indicating a narrowing trend from the previous year.

Uber’s gross bookings amounted to 50 billion dollars in 2018, up 45 percent over 2017.

“Last year was our strongest yet, and Q4 set another record,” Uber Chief Financial Officer Nelson Chai said in a statement.

Uber filed in December 2018 with the US Securities and Exchange Commission (SEC) to list its shares on the open market in an initial public offering this year.

Uber is facing fierce competition in the ride-sharing business on the U.S. market from its main rival Lyft, which also filed last year with the SEC to go public.

 

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