Uber's losses ballooned to $4.5bn in tumultuous year

Uber's losses ballooned to $4.5bn in tumultuous year

Uber's losses ballooned to $4.5bn in tumultuous year

The company for shared travel Uber Technologies reported 61% increase in loss in 2017.

Uber Technologies had a painful 2017, but the business managed to grow.

Despite a turbulent year for the ride-hailing company, sales were $7.5bn.

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It is important to note Uber's larger global footprint here, meaning the company may be making up for lost ground in the United States in other territories. If the ride-hailing provider were to shed its younger businesses, Uber could become profitable but it would miss out on promising opportunities, he said.

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.

Uber concluded its full year with cash of approximately $6 billion, which is 13% less than it had ending the previous year. The CEO said that while he's somewhat uncomfortable running a money-losing business after joining from profit-generating Expedia Inc., it's the right strategy for Uber. Few historical precedents exist for the scale of Uber's loss.

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Uber disclosed its quarterly results less than a week after it settled a trade secrets lawsuit with Waymo, the self-driving vehicle unit of Google's parent company, Alphabet.

Last year, Uber raised billions of dollars in funding, and a deal with SoftBank saw the Japanese conglomerate take an approximate 17.5pc stake in the ride-sharing company. Although he says he is pleased with the company's progress so far, Khosrowshahi cautioned that the San Francisco company still has a long way to go to win back the trust of its consumers and drivers. Last week, Uber's settled its trade-secrets fight with Alphabet Inc.'s self-driving auto unit, Waymo.

Uber is paying $245 million to Google's self-driving auto spin-off to end a legal brawl that aired out allegations of a sinister scheme that tore apart the once-friendly companies.

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