Source Says Uber Narrows Q4 Loss to $1.1 Billion

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.

Sofia Vida

Sofia has been writing for major news outlets for over 15 years. In her spare time she enjoys hiking, walking her dogs, and going to concerts.

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