Uber Technologies loss expanded in 2017

Uber's Losses Said to Swell in 2017 but Final Quarter Showed Hope

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.

The company released its numbers with Information the tech news site after Khosrowshahi had spoked with investors and confirmed the numbers to other media agencies, The Uber CEO said that UberEats reached gross revenues of $4 billion for the fourth quarter, which represents 10% of the entire Uber business.

The company's revenues during this period increased by about 14% to 11.1 billion Dollars from 9 billion USD reported an year earlier. Few historical precedents exist for the scale of Uber's loss. Sales continued to grow to $7.5 billion for the year, a 61 per cent increase.

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

Uber has completed the year with about 6 billion United States dollars in cash.

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

The settlement and its improving finances suggest that it is making an effort to achieve its goal for an initial public offering (IPO) in 2019. The firm, based in Japan, has bet that more people will decide to book rides through Uber's app rather than drive themselves and the business would find a way to recover from the losses of today.

Waymo filed its lawsuit almost a year ago, adding to Uber's woes with allegations of a bold hi-tech heist orchestrated by its former CEO, Travis Kalanick, and a former Google engineer.

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

"We're a publicly reporting private company - go figure", Khosrowshahi said. The fact that Uber's revenue has continued to grow despite an expanding list of setbacks and scandals past year may suggest that the company hasn't been significantly impacted overall.

The startup lost $1.1 billion in the fourth quarter, down from $1.46 billion in the previous quarter.

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