June 20, 2018

Pummeled by scandal, Uber hit with $4.46B in losses during 2017

15 February 2018, 04:38 | Kevin Scott

Pummeled by scandal, Uber hit with $4.46B in losses during 2017

Pummeled by scandal, Uber hit with $4.46B in losses during 2017

The CEO is scheduled to speak on Wednesday at a Goldman Sachs technology conference in San Francisco, as is Bill Gurley, a former board member who helped lead the ouster of Mr Khosrowshahi's predecessor, Travis Kalanick.

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

A source familiar with the confidential deal said Uber agreed to a financial settlement giving the Alphabet unit 0.34 percent of Uber shares - which would be some $244 million based on Uber's valuation of $72 billion.

Despite it being a turbulent year Uber, sales reached $7.5 billion. 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.

Uber's loss was mainly based on accepted accounting standards, which includes write-downs and significant legal expenses.

Gross revenue for the year rose 85 percent over 2016, to $37 billion.

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Remaining a private company, Uber is not legally required to present its quarterly figures, but it has begun disclosing some earnings information in recent months. By comparison, Uber reportedly lost $1.46 billion during the third quarter.

At the same time, Uber is about to raise over 14 billion United States dollars in a new round of funding, while last month was completed a deal with the SoftBank, where the Japanese group acquired 17.5% of the technology company.

Gross revenue for Q4 sits at close to $11.1bn, an increase of close to $1.4bn over Q3 of 2017 and almost double that of the final quarter of 2016, which saw the company report $6.9bn in revenue.

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

Uber agreed last week to pay $245 million to settle a trade secret lawsuit brought by Alphabet's self-driving vehicle spinoff, Waymo. 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.

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