Uber ends a turbulent year with reduced losses in Q4 2017

Uber ends a turbulent year with reduced losses in Q4 2017

Full-year net loss of Uber has expanded to USD4.5 billion last year, as it went through fierce year with several scandals, a lawsuit alleging the theft of trade secrets and the replacement of its CEO. Achieving such goals means the company will continue to lose money, he acknowledged, a day after Uber reported a loss of $4.5 billion for 2017 on $7.5 billion in net revenue.

The full-year loss grew from $2.8 billion in 2016, but that year was skewed by a gain from the sale of Uber's business in China.

Ride-share titan Uber on Tuesday revealed that its losses previous year swelled despite signs in the final three months that it was stemming the red ink.

In his appearance, Khosrowshahi said Uber could quickly reverse its losses by retreating from less-developed markets outside the US and reducing the money it pours into expensive projects like its work on self-driving cars. Bookings from fares rose 14 per cent to just over $US11 billion for the quarter.

In its recently released report for the fourth quarter, Uber revealed that it has actually managed to reduce its quarterly losses and move a step closer to profitability. Khosrowshahi said that by 2023, he could imagine Uber providing the entire transportation network for a city.

Last week, Uber agreed to pay $245 million-worth of its own shares to Google's sister self-driving vehicle company Waymo to settle a legal dispute over trade secrets, allowing Uber's chief executive to move past one of the company's most bruising public controversies.

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Uber Technologies Inc. suffered through a hard 2017, but its business was able to grow nevertheless.

Uber's loss was mainly based on accepted accounting standards, which includes write-downs and significant legal expenses. 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.

A person briefed on the results provided some numbers and confirmed the accuracy of The Information's story to The Associated Press on Wednesday. He also reiterated Uber's interest in holding a public offering in 2019.

The ride-hailing service provider is now spending less on customer support and advertising, though the former unit is still understood to be performing in accordance with the company's expectations, i.e.it's effectively managing to do more with less.

Dara Khosrowshahi took over from the ousted co-founder Travis Kalanick five months ago.

Waymo and Uber last week announced a settlement in a blockbuster lawsuit over allegedly stolen trade secrets from the former Google self-driving auto project.

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