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Uber’s revenues reached $2.9bn in the fourth quarter of 2016, up 70 per cent compared to the third quarter of the year. The company’s full year revenues were $6.5bn, with gross bookings of around $20bn.

The San Francisco-based transportation company also reported a loss of $991m in the fourth quarter, a sequential increase of 6.1 per cent* from the third quarter.

Uber continues to be the most heavily loss-making company in the history of Silicon Valley, with an adjusted loss of $2.8bn in 2016 (excluding the heavy losses from Uber’s business in China, which it sold last August).

Those losses are continuing to grow, albeit at a slower rate than Uber’s revenues, suggesting that the company is growing more efficient.

With a valuation of $62.5bn, Uber is the most valuable private company in Silicon Valley, and has raised more than $15bn from investors in equity and debt. The company still has about $7bn in cash on hand, and an untapped credit line of $2.3bn.

Uber’s fourth quarter financials were first reported by Bloomberg, and confirmed by the company.

*This post has been amended to correct the sequential change.

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