Uber revenue rises, but it posts $4.5 billion loss

18 February, 2018, 07:08 | Author: Natasha Holloway
  • The latest financial report shows the company continues to increase its revenue while making progress on cutting its loss. Charles Platiau Reuters

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

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. Over the entire 2017, Uber lost $4.5 billion, whereas it was "only" about $2.8 billion in the red a year earlier, though 2016 isn't considered an optimal reference point for evaluating its long-term performance because the majority of its losses incurred over that year was amortized by the sale of its China business to local rival Didi Chuxing.

He is aiming for Uber to make an underlying profit by next year, ahead of a planned stock market flotation.

For the fourth quarter, Uber's net loss was $1.1 billion, down from $1.46 billion it lost in the third quarter.

As a part of the agreement, Uber will not use Waymo technology in its automated vehicles and will pay Waymo 0.34 percent of Uber's equity at a valuation of $72 billion for the company, which comes out to roughly $245 million. Meanwhile, the total value of fares grew to $11 billion that quarter.

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The numbers show that Uber under Mr Khosrowshahi is on a path toward profitability and a sustainable economic model, Mr Kulkarni said. 'If you draw that out further, a year from now, this could be a significant IPO waiting to happen, ' he said.

At a Goldman Sachs technology conference in San Francisco, California, he spoke about the ugly legal battle over self-driving auto technology and other subjects during a wide-ranging on-stage interview.

Khosrowshahi spoke with investors on a conference call Tuesday afternoon.

The figures cover a troubled year for the company as it faced sexual harassment claims and saw the departure of senior executives including its boss, co-founder Travis Kalanick, and a battle to continue operating in London.

Uber might have its origins in taxis, but, just like Amazon started off selling books before expanding into electronics and grocery stores, could now be looking to expand into other forms of transport - including the humble bicycle. It's been two days for the courtroom war and allegations fight happening between Waymo and Uber and the portrayal of the ride-hailing company is more or less of a greedy and aggressive company who would do anything to win the race including unethical practices like stealing the trade secrets from their competitors.



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