June 18, 2018

Uber Reduced Its Deficit But Still Lost $1.1B In Q4 2017

15 February 2018, 08:12 | Marlene Myers

Uber Reduced Its Deficit But Still Lost $1.1B In Q4 2017


Adjusted net revenue last quarter increased 61 per cent to $2.22 billion from the same period in 2016.

The legal battle between Google's Waymo and ride-hailing company Uber aroused when Waymo put allegations of stealing their self-driving technology secrets by Uber in order to first introduce the self-driving technology developed cars in the market to the masses.

Waymo filed its lawsuit almost a year ago, adding to Uber's woes with allegations of a bold hi-tech heist orchestrated by its former CEO, Travis Kalanick, and a former Google engineer.

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

Uber posted a net loss of $1.1 billion in the fourth quarter, according to reports from various news organizations citing sources inside the privately held company. The San Francisco, California-based firm narrowed its quarterly loss by 26-percent sequentially, whereas its revenue rose 14-percent to $11.1 billion in the final three months of 2017. There are few historical precedents for the scale of its loss. Uber Technologies has agreed to pay Waymo $245 million in closely held equities, which will give Google's Waymo autonomous vehicle unit a 0.34% stake in the ride hailing company.

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At the same time, Uber is about to raise over 14 billion 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.

Uber prefers to use a different number to refer to its loss: $2.2 billion. Less than a week into the trial, Uber agreed to give Alphabet shares worth $245 million along with words of "regret" that stopped short of admitting guilt. He says that the perception of Uber, once in free fall, has finally stabilized and that "just getting the love back is a very important priority for us". The figure leaves out legal costs and stock-based compensation, as well as taxes, interest and other expenses.

Khosrowshahi detailed them on a conference call with investors Tuesday, and the company disclosed some data to a website called The Information.

The last one year has been tumultuous for Uber, with the scandal after scandal finally leading to the expulsion of co-founder and CEO Travis Kalanick.

A person briefed on the results provided some numbers and confirmed the accuracy of The Information's story to The Associated Press on Wednesday.

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