Slowly but surely, Uber is staunching its losses. The company disclosed a $865 million net loss for the fourth quarter of 2018, an improvement over the 2017 fourth quarter loss of $1.1 billion.
More importantly, for the 2018 calendar year, Uber more or less met its earlier projections in terms of cash burn and losses, which it provided to prospective investors in March 2018. In the March projections, Uber said net revenue would hit $10.7 billion, but in reality Uber blew by that estimate by generating $11.3 billion for the year.
However, its roughly $1.8 billion full year loss before interest, taxes, depreciation, and amortization and other charges was higher than Uber’s earlier projection of a $1.7 billion loss on that basis. In terms of cash, Uber burned through $2.2 billion, in line with its projection.
If the earlier projections are any guide, further financial improvements by Uber could see it shrink its adjusted EBITDA losses in 2019 by two-thirds, to $500 million.