Uber Reveals Increasing Profits to Cast a Shadow on the Negative Publicity

Someone holding a phone with an Uber app
Uber has revealed some figures regarding their financial status to steer people away from the negative publicity it has received.

Uber tries to distract people away from the negative publicity, showing off with their increasing profits. Lately, Uber’s corporate tradition was jeopardized. Nevertheless, the company is now trying to share a different message for employees and investors, namely that their business is flourishing being a continuous development, prospering.

Lately, Uber was overwhelmed by negative publicity

On April 14, the company claimed that their bookings are multiplying. The amount of money prompted from offering rides has increased, rising to almost $20 billion last year. This is double the amount of profits obtained in 2015. The profits registered after the drivers were paid, amounted $6.5 billion. Even is this company continues its evolution, the budget remains vigorous.

In 2016, Uber’s net loss was estimated at $2.8 billion, without accounting for the cost of their subsidiary in China, namely Uber China. In 2016, the company spent billions of dollars while acquiring its operations in China before its leader decided to sell those to Didi Chuxing, Uber’s Chinese rival. These figures were reported by Bloomberg and were later confirmed by the company.

The company disclosed some of their financial data, showing off with their profits

This is known to be the first time when Uber allows the media to share their financial information. In the past, the company had trouble with some leaked financial data. Thus, the company decided that every quarter they will share their figures with investors and employees. However, despite previous promises, Uber only disclosed their numbers on Friday, April 14, after being overwhelmed by the negative publicity, being questioned about the workplace.

In February, a former employee at Uber detailed some information regarding a sexual harassment story. This statement started a firestorm regarding the company’s policy and corporate culture. Travis Kalanick, the chief executive at Uber, is currently scrutinized for setting the tone. For the first quarter of 2017, Uber decided not to disclose its figures, at least not yet.

However, the company told Bloomberg that their profits are more or less in line with those recorded at the end of last year. In the first quarter of this year, Uber was estimated to have had about 128 million users. This data was unveiled by Apptopia which is an app analytics company. Uber noted that it had spent approximately $8 billion since 2009 when it was founded.

Image courtesy of: flickr

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