Uber's net loss increases in 2017

Uber's net loss increases in 2017

As Uber worked to recover from series of scandals at the end of 2017, it's financial situation also stabilized.

While sales were at $7.5bn for the year (a 61pc increase), losses were at $4.5bn compared to $2.8bn in 2016, despite signs of recovery in the final three months of last year.

For the fourth quarter, Uber's net loss was $1.1 billion, down from $1.46 billion it lost in the third quarter.

While revenue saw a boost, Uber lost an estimated 12 points of market share over the course of a year ago to Lyft.

Gross revenue for the year rose 85 per cent over 2016, to $US37 billion.

In his appearance, Khosrowshahi said Uber could quickly reverse its losses by retreating from less-developed markets outside the USA and reducing the money it pours into expensive projects like its work on self-driving cars.

"It looked messy and it was messy", Khosrowshahi said.

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

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Uber has completed the year with about 6 billion United States dollars in cash. Later, Levandowski sold that company to Uber and allegedly handed those purloined documents over to the new owners to help with their own autonomous vehicle ambitions.

Khosrowshahi's comments come just days after Uber settled a lawsuit in which Waymo, the self-driving auto company owned by Google parent Alphabet, had accused it of stealing trade secrets.

The legal battle between Google's Waymo and ride-hailing company Uber aroused when Waymo put allegations of stealing their self-driving technology secrets by Uber in order to first introduce the self-driving technology developed cars in the market to the masses.

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

Last year was a particularly bad one for Uber with its reputation tarnished by the company's acknowledgement of rampant sexual harassment within its ranks, a year-long cover-up of a major computer break-in, and the use of duplicitous software to thwart government regulators.

Last week, the company said it would pay 245 million Dollars in shares of Waymo, the Alphabet self-governing unit, to end its litigation in connection with the charge of stealing trade secrets.

After only five months on the job, Dara Khosrowshahi, Uber's new CEO, gave a frank assessment of his tenure that has largely been spent cleaning up after his predecessor, Uber founder Travis Kalanick.

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