Ride hailing company Uber Technologies Inc. has narrows its loss in the fourth quarter to $1.1 billion according to a source familiar with the situation who spoke to Reuters.
This loss is compared to the loss of $1.46 billion that Uber saw in the previous quarter.
The source has said that Uber’s quarterly revenue has risen 11.8% to $2.2 billion from the quarter before it. The soure also revealed that the company’s quarterly gross bookings went up 14% to $11.1 billion compared to the third quarter. In the third quarter Uber had reported $9.7 billion in gross bookings.
So far Uber has raised over $14 billion in new funding and last month announced that it closed a deal with SoftBank Group Corp. where Softbank took a 17.5% stake in the company.