Uber lost $3.7 billion during its last three quarters

Uber lost $3.7 billion during its last three quarters

Uber lost $3.7 billion during its last three quarters

Ride-hailing giant Uber's full-year net loss widened to $US4.5 billion ($5.7 million) in 2017 as the company endured a tumultuous year that included multiple scandals, a lawsuit alleging the theft of trade secrets and the replacement of its chief executive.

Ride-hailing app firm Uber saw its losses spiral by 61% to $4.5bn (£3.2bn) in 2017, up from $2.8bn in 2016 - despite an 85% increase in revenue to $37bn.

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

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In a sign that the negative publicity surrounding its problems alienated many consumers, Uber's share of the ride-hailing market in the USA fell from 82 percent at the start of past year to 70 percent in the fourth quarter.

On the contrary, if Uber is able to convince that the allegations imposed by Waymo are false and they are clean, then this would not only hit Waymo but also its parent companies like Alphabet and Google Inc to a great extent. Bookings from fares rose 14 percent to just over $11 billion for the quarter. However, losses did narrow 26pc from Q3 of 2017 to $1.1bn, down from $1.46bn in the previous quarter.

The Uber CEO portrayed the company he inherited as a very strong business - "a better business than I thought" when he took the job - but one with a damaged brand that he plans to try fix.

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"It looked messy and it was messy", Khosrowshahi said. "If you draw that out further, a year from now, this could be a significant IPO waiting to happen", he said. 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. The fourth-quarter adjusted loss was $475 million, down from $606 million to in the third quarter.

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.

When he complained, Uber refused to see that there had been a mistake. 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.

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Khosrowshahi, who took over the peer-to-peer ridesharing group less than six months ago, already started making some changes in the troubled company last quarter.

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