Uber's loss jumped 61 pc to $four.5 billion in 2017

Adjust Comment Print

By comparison, Uber reportedly lost $1.46 billion during the third quarter.

The company lost $4.5 billion previous year, up from $2.8 billion in 2016, according to figures first reported by and confirmed by CNBC on Tuesday. Uber's gross bookings rose 14 percent to $11.1 billion in the fourth quarter compared with the previous quarter.

In his appearance, Khosrowshahi said Uber could quickly reverse its losses by retreating from less-developed markets outside the USA and reducing the money it pours into expensive projects like its work on self-driving cars. Sales continued to grow to $7.5 billion for the year, a 61 per cent increase.

Uber agreed last week to pay $245 million to settle a trade secret lawsuit brought by Alphabet's self-driving vehicle spinoff, Waymo. Uber had initially offered to settle the case for $490 million just before the start of the trial Monday, but that agreement didn't provide Waymo with enough assurances that its technology wouldn't be improperly used, according to two people familiar with the thinking of both parties in the lawsuit. This was 13 percent short from last year's $6.9 billion.

As Uber worked to recover from series of scandals at the end of 2017, it's financial situation also stabilized. It was the first complete quarter with Dara Khosrowshahi at the helm, who took the reins of the troubled company during September of 2017.

The settlement and its improving finances suggest that it is making an effort to achieve its goal for an initial public offering (IPO) in 2019.

2017 was hardly a banner year for Uber, but the business did see some growth.

Uber is not traded publicly, but chose to release limited financial information to investors as well as the public during recent quarters.

It was a hard year for the San Francisco-based firm. The fact that Uber's revenue has continued to grow despite an expanding list of setbacks and scandals past year may suggest that the company hasn't been significantly impacted overall. The position has been empty for many years now.