
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.
Aamir Khan's first unrequited love revealed, courtesy Twitter trend
Aamir Khan is now gearing up for Thugs Of Hindostan , which also stars Katrina Kaif, Amitabh Bachchan and Fatima Sana Sheikh. The song, picturised on Aamir Khan, was a huge hit back then, courtesy the soulful melody and heart-touching lyrics.
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.
Related News:
-
Drake Surprises A Fontainebleau Housekeeper With A Shopping Spree
First, she got a massage at the hotel's spa, Lapis, followed by dinner at the Michael Mina steakhouse, StripSteak. After working a 14-room cleaning day, Odelie Paret , 63, received a day she could only dream of.GM, South Korea Set for Standoff After Automaker Threatens Exit
The U.S. company planned to restructure some 2,000 employees, including irregular workers, without elaborating on it. During the meeting, Trump again stressed the trade imbalance with Korea, referring to the free trade agreement.Tinder plans to let women prevent men from messaging them first
The app coins the term #LadiesChoice because they say women get the final say in who they want to get to know better. " Bumble " is valued at more than $1 billion and has over 22 million users, according to Forbes. -
The Westminster Kennel Club Dog Show is the Only Show that Matters
Rumor, a female German shepherd, was named Best in Show at last year's competition. The *goodest* boy or girl AKA Best in Show will be announced later tonight.Scotland welcomes Prince Harry and Meghan Markle
A pretty stylish and unoffensive outfit by anyone's measure, but look at the way Meghan's carrying her Strathberry bag . They met members of the public during a walkabout in the Scottish capital on the eve of Valentine's Day .Blake Griffin's ex sues 'man-child' for palimony
Is Brynn entitled to some cash from Blake or no? "Griffin himself, however, knows very well what breaching promises is all about". The duo attended couples therapy, but Griffin "immediately embarked on a high-profile affair with Jenner", Cameron alleges. -
Here's How & Where to Watch Bangladesh vs Sri Lanka 1st T20I Online
Sky Sports in the United Kingdom and SLRC will have the live coverage in Sri Lanka from 4 PM India time onwards. Danushka Gunathilaka set the run-chase into motion early with a barrage of boundaries.Apple to unveil cheaper iPhone X-like phone; replace iPhone 8
That is, by analogy with X iPhone the new tablet will disappear and the traditional home button and bottom frame. The 6.1-inch iPhone device will not get a dual camera nor 3D Touch, according to a previous KGI report .The Coca-Cola Company (The) (KO) Position Increased by Winfield Associates Inc
Hamilton Point Investment Advsrs Limited Liability Company invested 0.15% of its portfolio in The Coca-Cola Company (NYSE:KO). If we look at the Volatility of The Coca-Cola Company (KO ), Week Volatility is 2.86%, whereas Month Volatility is at 1.79%. -
New president to be sworn in today, says Speaker Baleka Mbete
So we've been a parliament which has been busy over nothing accept the protection of Jacob Zuma . Magashule also said there was no deadline for Zuma to resign based on the NEC's decision.Under global pressure, Pakistan declares 26/11 mastermind Hafiz Saeed a terrorist
Authorities have begun seizing control of offices and financial assets of the charities founded by Hafiz Saeed, an official said. Islamabad has reacted angrily to United States threats of further punitive measures.Murphy Bothered VP Pence Didn't Stand for North Korea at Olympics
North Korean leader Kim Jong Un has used the Winter Olympics hosted by South Korea to unleash a diplomatic charm offensive . He also said it was a win for Moon's administration, which has prioritized engaging with the North Koreans.