Science

Uber's losses ballooned to $4.5bn in tumultuous year

Uber's losses ballooned to $4.5bn in tumultuous year

Still, in the fourth quarter, which was the first full reporting period under the control of Dara Khosrowshahi as CEO, Uber's loss shrank to 1.1 billion United States dollars from 1.46 billion USD in the third quarter.

However, the company still lost 61 percent to $4.5 billion for all of 2017, more than the $2.8 billion in 2016. Few historical precedents exist for the scale of Uber's loss. Last week, Uber's settled its trade-secrets fight with Alphabet Inc.'s self-driving auto unit, Waymo.

It also agreed not to utilize any of Waymo's technology for autonomous driving as part of the settlement.

Net revenue grew to $2.22 billion from $1.38 billion in the same quarter-over-quarter comparison.

Fourth-quarter bookings rose by 14 percent to $11.1 billion. The CEO said that while he's somewhat uncomfortable running a money-losing business after joining from profit-generating Expedia Inc., it's the right strategy for Uber.

Despite it being a turbulent year Uber, sales reached $7.5 billion.

Uber ended the year with about $6 billion in cash, 13 percent below the prior year's total, according to Bloomberg.




Now that the dust has somewhat settled after 2017, Uber has publicised some of its financial information for Q4 and the year overall.

This is Khosrowshahi's first full quarter since becoming Uber's head.

Alphabet and other investors stand to reap big gains on their stakes if Uber files for an initial public offering of stock next year, as Khosrowshahi plans.

Uber is not required to publicly report its financial results, but has begun disclosing some figures in recent months.

At the same time, Uber is about to raise over 14 billion 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.

It was a hard year for the San Francisco-based firm.

It is also meant to help Uber move past a series of controversies, which included allegations of executive misconduct, a toxic working environment, and potential unethical competitive actions that has resulted to the departure of its former CEO Travis Kalanick and the dismissal of more than 20 employees. Mr Khosrowshahi took over from ousted co-founder Travis Kalanick late past year.


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