Leaked financials obtained by The Information's Amir Efrati show Uber is facing staggering losses, but it's nowhere near an existential threat.
Uber lost close to $1 billion in the first half of 2015, up from $671.4 million the year before, according to The Information's report.
Even with increasing losses, its (net) revenue was on pace to triple to more than $1.5 billion — and it had $4.1 billion in cash and cash equivalents in the bank at the end of last June, documents show.
Gross revenue from bookings topped $2.1 billion in the second quarter of 2015 — and was almost as much as the $2.9 billion shown through all of 2014.
According to the documents, Uber's net revenue was $495.3 million for FY 2014. In the first two quarters of 2015, Uber had already exceeded the previous year's total, raking in $287.3 million in Q1 of 2015 and $375.9 million in Q2 of 2015.
The Information posted the leaked financials here. Uber declined to comment.
Here's a recap of the financials:
- Gross bookings: For FY 2014, Uber booked $2.932 billion. In Q1 2015, it booked $1.499 billion. In Q2 2015, it increased bookings to $2.131 billion.
- Net revenue: For FY 2014, Uber netted $495.3 million. In Q1 2015, it netted $287.3 million. In Q2 2015, it nettted $375.9 million.
- Operating expenses: For FY 2014, Uber spent $660.7 million on operations. In the first two quarters of 2015, it's already eclipsed that. In Q1 2015, it spent $275 million and, in Q2, spent $468.8 million.
- Losses: For FY 2014, its GAAP loss, which includes its stock based compensation, reached $671.4 million. In Q1 of 2015, its GAAP loss totaled $385.1 million. In Q2, losses increased to $602.1 million.
