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Uber lost more than $2 billion a year ago

Uber lost more than $2 billion a year ago

Uber - the privately-held ride-sharing company that investors value at almost $70 billion - gave a peek into its financials Friday, reporting that revenue growth is outpacing losses as it seeks to move the spotlight away from a recent string of executive departures occurring amid sexual harassment and toxic work environment claims.

Uber did not provide specific first quarter figures to Bloomberg, which released the results in an interview, but a company spokeswoman said they "seem to be in line with expectations". The company told Bloomberg its net losses were $1.2 billion after accounting for the sale of its China business, taxes and other factors.

According to the latest figures for 2016, the adjusted net losses were $2.8 billion, without taking into account the China business, which it sold a year ago, as per a Bloomberg report.

The numbers released by the company were leaked in different quantities previously, but the disclosure this week was a positive move by Uber. HES, -2.23% reported a GAAP loss of $6.1 billion but a non-GAAP loss of slightly less than $1.5 billion.

Uber didn't respond to a request for comment from MarketWatch.

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In 2016, Uber customers spent $20 billion-more than doubling how much they spent the year before. Uber's losses, he says, also don't "account for employee stock compensation, certain real-estate investments, automobile purchases and other expenses".

Uber is in the process of hiring a second-in-command for chief Travis Kalanick, who remains in the driver's seat as the company tries to plot a friendlier course with workers, riders and drivers. GOOG, -0.09% GOOGL, -0.15% over alleged theft of intellectual property.

Uber received a valuation of $68 billion in a June 2016 funding round, and boasts the highest valuation of any company in The Wall Street Journal's billion-dollar club.

According to the latest figures for 2016, the adjusted net losses were $2.8 billion. That's up from $520 million in the first quarter.

Of course, in its attempt to rapidly scale its global business, Uber is also burning through cash at an incredible rate, with losses of about $2.8 billion in the previous year.

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