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5 years ago

Uber registers $3b in revenue for Q4 2018

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Uber Technologies Inc has reported 3.0 billion US dollars in revenue for the fourth quarter (Q4) of 2018, representing a 25-per cent year-on-year increase.

The company generated a net-revenue of about $11.4 billion last year, and the $3.0 billion in the last three months of the year was a 2.0 per cent growth from the previous quarter, it said on Friday.

Compared with the 43-per cent annual growth rate of the full year of 2018 and the US ride-hailing company's Q3 year-on-year increase of 38 per cent, the 25-per cent increase showed a slower pace of growth when the company is preparing a stock market debut.

According to the San Francisco-based firm, its annual losses shrank 15 per cent to $1.8 billion from the figure of $2.2 billion in 2017, indicating a narrowing trend from the previous year.

Uber's gross bookings amounted to $50 billion in 2018, up 45 per cent over 2017, reports Xinhua.

"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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