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

The latest financial report shows the company continues to increase its revenue while making progress on cutting its loss. Charles Platiau Reuters

The latest financial report shows the company continues to increase its revenue while making progress on cutting its loss. Charles Platiau Reuters

Uber is paying $245 million to Google's self-driving vehicle spin-off to end a legal brawl that aired out allegations of a sinister scheme that tore apart the once-friendly companies. Adjusted net revenue came up to $2.22 billion, a 61 percent increase from the same period the year before.

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.

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.

Uber Technologies Inc narrowed its fourth-quarter loss to $1.1 billion from a loss of $1.46 billion in the previous quarter, a person familiar with the matter told Reuters.

According to The Information, gross bookings for Q4 rose 14pc from Q3, a positive for the first full quarter under former Expedia chief Khosrowshahi's leadership.

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

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

"If you draw that out further, a year from now, this could be a significant IPO waiting to happen", he said. The figure leaves out legal costs and stock-based compensation, as well as taxes, interest and other expenses.

Chief executive Travis Kalanick was ousted in June and replaced by Mr Khosrowshahi in August. Uber agreed to give Waymo stock valued at $245 million to settle the suit last week.

RIDE-SHARE titan Uber revealed that its losses a year ago swelled despite signs in the final three months that it was stemming the red ink. Khosrowshahi detailed them on a conference call with investors Tuesday, and the company disclosed some data to a website called The Information.

Uber and its ride-hailing service had already been tarnished by the company's acknowledgment 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.

Recommended News

  • Barry Bennell convicted on seven more charges

    Barry Bennell convicted on seven more charges

    He said: "If we use our phones we can't take pictures of the children and put it on the Stoke City Twitter or Facebook page". Bennell, nor did it receive any complaint about sexual abuse by him, either before or during his employment with the club".
    FCC Chair Under Investigation By Own Agency, Says Report

    FCC Chair Under Investigation By Own Agency, Says Report

    In later conversations, FCC officials said that an investigation was underway, according to two other aides. The investigation is focused on whether or not there was any coordination between Pai, Sinclair and Trump.
    Kyle Busch 4/1 to win Monster Energy Cup 2/9/18 — NASCAR Odds

    Kyle Busch 4/1 to win Monster Energy Cup 2/9/18 — NASCAR Odds

    But their Daytona 500 grid positions, along with the rest of the field aside from the front row, will be set based on the Duels. But I'm sure it would have been extra, you know what I mean? The machine says where you are, and everybody has got to be there.
  • Non-profit organization speaks on proposed SNAP changes

    Non-profit organization speaks on proposed SNAP changes

    Under the proposal, most SNAP recipients would lose much of their ability to choose the food they buy with their SNAP benefits. In Oswego County, benefits for 19,055 people on the program totaled $2.26 million in December, according to state records.
    Pak declares Hafiz Saeed as terrorist, signs ordinance to rein banned outfits

    Pak declares Hafiz Saeed as terrorist, signs ordinance to rein banned outfits

    A special United Nations team had visited Pakistan last month to monitor the progress made on sanctions placed on these outfits. This will increase the cost of doing worldwide transactions and ultimately higher cost of doing business locally.
    Salman Khan, Sonakshi Sinha reunite in NY

    Salman Khan, Sonakshi Sinha reunite in NY

    Sonakshi Sinha and Salman Khan are all set to re-unite for the upcoming third installment of the Dabangg franchise. The film directed by Chakri Toleti and is slated to release on 23 February. "We were done in a matter of hours".
  • England and Wales Cricket Board announces 2023 Ashes venues

    England and Wales Cricket Board announces 2023 Ashes venues

    Hampshire say they are disappointed to have missed out on being allocated any Test matches between 2020 and 2024 but are looking forward to hosting a new T20 franchise.
    White House goes all out to stop bipartisan immigration deal

    White House goes all out to stop bipartisan immigration deal

    But the statement did not say Trump would veto a bill that fell short of them. "It's a step in the right direction", Rounds said. The moderates' measure does not alter a lottery that distributes about 55,000 visas annually to people from diverse countries.
    Apple accepts HomePod leaves white rings on wooden furniture

    Apple accepts HomePod leaves white rings on wooden furniture

    Apple said the problem occurs with speakers that, like the HomePod , are equipped with a silicon base to minimize vibration. Apple told Wirecutter that treating the stained surface with the manufacturer's oil cleaning method should do the trick.
  • Olympics men's hockey, South Korea vs

    Olympics men's hockey, South Korea vs

    They have certainly set up an opportunity to secure one of the top two spots in Group A and a direct route to the quarter finals. The Americans won in 1998 when women's hockey joined the Olympics, while Canada is looking for a fifth straight title.
    First COBRA KAI Teaser Hints At a KARATE KID Rematch

    First COBRA KAI Teaser Hints At a KARATE KID Rematch

    During The Karate Kid's climax, Johnny clearly didn't want to follow his sensei's command to sweep Daniel's injured leg. In the clip, Johnny is looking to bring old and new life into his old stomping grounds dojo Cobra Kai .
    Oxfam sex scandal prompts 'disappointed' Tutu to step down as ambassador

    Oxfam sex scandal prompts 'disappointed' Tutu to step down as ambassador

    "I'm not a saint, I'm a man of flesh and blood and have made mistakes (not easy to admit), and I am deeply ashamed", he said. A subsequent country director for Haiti, Damien Berrendorf, was sacked a year ago but had no connection to the previous case.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.