Uber ends a turbulent year with reduced losses in Q4 2017

18 February, 2018, 07:07 | Author: Salvatore Jensen
  • The latest financial report shows the company continues to increase its revenue while making progress on cutting its loss. Charles Platiau Reuters

Silicon Valley-based Uber's quarterly gross bookings rose 14 percent to $11.1 billion from the third quarter, the person said. The value of the merged entity was then estimated at around $35 billion, with Uber receiving an equity payment equivalent to the fifth of the combined company.

He also landed in the midst of a court battle that pitted Uber against a Google spinoff alleging that the ride-hailing service had conspired to steal its self-driving vehicle technology while Kalanick was running things.

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

Khosrowshahi also predicted that Uber will be well on the way to turning a profit by time make an initial public offering of its stock next year, despite a $4.5 billion loss last year. It was the first full quarter under Dara Khosrowshahi, who took over the troubled business in September.

For the entire year of 2017, Uber sustained a loss of $4.46 billion on sales of $7.36 billion. Uber agreed it would give Waymo stock worth $245 million to settle that suit a week ago.

The ride-hailing firm ended 2017 with about $6 billion in cash, including $1.4 billion money set aside for potential insurance claims.

Uber prefers using a different number when it refers to its loss, which is says is $2.2 billion, but that figure does not include some of its legal costs as well as compensation that is stock based, taxes, interest and other types of expenses.

The CEO is scheduled to speak Wednesday at a Goldman Sachs Group technology conference in San Francisco, as is Bill Gurley, a former board member who helped lead the ouster of Khosrowshahi's predecessor, Travis Kalanick. During the past one year, there were lots of controversies associated with this ride-hailing company creating a negative impression and rising difficulty for them.

Comparisons with 2016 were also affected by the sale that year of its business in China resulting in a substantial gain.

While cities ran into problems with bikes getting hacked and left in random places around the city, Andrew Salzberg, Uber's head of transportation policy and research, told TechCrunch last month that the company had eyed biking for a while.


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