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You may think this, but coming from an analogous business I can say virtually all "middlemen" market-making companies (think online travel agents like Booking.com or Expedia) track like this: start at the top with Gross Bookings, then make a bunch of deductions to Net Revenue. And in truth it gives a more accurate picture of the business, because the "Take Rate", that is Net Revenue/Gross Bookings, is an important metric in and of itself.



> virtually all

Provide a link to the annual report for a single public company that does this and I will accept your claim.

Edit:

See the annual report for Priceline which owns Booking.com, Kayak, etc.

http://files.shareholder.com/downloads/PCLN/5793618865x0xS10...

P.33 They report real revenue of 10.7B with no mention bookings

P.41 They report gross bookings of 68B for the same period


I think you are confusing the data presented by WSJ with an audited SEC financial report. Uber didn't make anything public - this is just data they presented, privately, to their investors who obviously know the difference. I mean, this data was leaked to WSJ.

As a better comparison, here is the data Expedia puts out on an earnings release: https://files.shareholder.com/downloads/EXPE/5068357871x0x92...


Nitpick: Companies like Uber and and Expedia are brokers, not market makers.




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