Hi-Tech

Uber Technologies loss expanded in 2017

Uber Technologies loss expanded in 2017

Although he says he is pleased with the company's progress so far, Khosrowshahi cautioned that the San Francisco company still has a long way to go to win back the trust of its consumers and drivers. But the company also posted a substantial loss of $4.5bn. Few historical precedents exist for the scale of Uber's loss.

Uber had faced accusations from Waymo, a self-driving auto company owned by Google's parent company Alphabet, of stealing purported trade secrets relating to autonomous vehicle technology.

At the same time, Uber is about to raise over 14 billion United States dollars in a new round of funding, while last month was completed a deal with the SoftBank, where the Japanese group acquired 17.5% of the technology company. The firm, based in Japan, has bet that more people will decide to book rides through Uber's app rather than drive themselves and the business would find a way to recover from the losses of today. These record levels just showed that Uber continues to raise its sales, while making an impact on its loss. But he said the deal was intended mostly to remove the distraction and allow the company to focus more on its core business.

A week into the trial, Uber agreed to settle the case offering $245 million in equity. Waymo was looking for $1.86 billion in damages in this lawsuit as well as a court order that would prohibit Uber from using the disputed technology. The figure leaves out legal costs and stock-based compensation, as well as taxes, interest and other expenses.




A person briefed on the results provided some numbers and confirmed the accuracy of The Information's story to The Associated Press on Wednesday.

In a call with investors on Tuesday, CEO Dara Khosrowshahi said that the company's food delivery service, known as UberEats, had hit $4 billion in gross revenue-or about 10 percent of Uber's business, according to Bloomberg.

The job is proving to be even more hard than Khosrowshahi anticipated five months ago after Uber lured him away from online travel agency Expedia to replace its embattled co-founder, Travis Kalanick, as CEO. This was 13 percent short from last year's $6.9 billion. The company declined to disclose complete data for 2016 and over time has changed how it accounts for revenue.

The full-year loss increased from USD2.8 billion in 2016, a year with results distorted by a gain from the sale of Uber's unprofitable business in China.