Uber beats on earnings as revenue growth accelerates, lost $8.5 billion last year

During the fourth quarter, Uber faced tighter regulations impacting its business in London and California and continued to slash costs.

Uber's top segment, Rides, including ride-sharing services and fees from drivers, delivered $13.51 billion in gross bookings, up 18% and below the $13.60 billion estimate among analysts polled by FactSet. Uber is still paying out a massive amount of what it calls "driver referrals and excess driver incentives" to drivers in its food and ridesharing business.

Adjusted EBITDA for all segments except Rides were all in the red year over year. Rides produced $742 million in EBITDA, up some 281%.

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