Uber lost $3.7 billion during its last three quarters

Alphabet and Uber

Uber lost $3.7 billion during its last three quarters

Full-year net loss of Uber has expanded to USD4.5 billion last year, as it went through fierce year with several scandals, a lawsuit alleging the theft of trade secrets and the replacement of its CEO. The company reported negative finance result of 4.5 billion United States dollars previous year after it lost 2.8 billion USD in 2016.

Uber lost billions in China before selling its business there in 2016 in exchange for a 17.5 percent stake in homegrown rival Didi Chuxing.

The company released its numbers with Information the tech news site after Khosrowshahi had spoked with investors and confirmed the numbers to other media agencies, The Uber CEO said that UberEats reached gross revenues of $4 billion for the fourth quarter, which represents 10% of the entire Uber business. Despite the turbulent 12 months, the sales revenue reached 7.5 billion Dollars.

Ride-share titan Uber on Tuesday revealed that its losses a year ago swelled despite signs in the final three months that it was stemming the red ink. Under Kalanick, Uber had run roughshod over regulators, faced accusations of rampant sexual harassment, and allegedly obtained medical records of a woman in who said an Uber driver in India had raped her (Uber recently settled a USA lawsuit that the woman had filed against the company). Bookings from fares rose 14 per cent to just over $US11 billion for the quarter.

"Cars are to us what books are to Amazon", Khosrowshahi said at a conference in San Francisco, as reported by the Financial Times. "If you draw that out further, a year from now, this could be a significant IPO waiting to happen", he said.

Khosrowshahi's comments come just days after Uber settled a lawsuit in which Waymo, the self-driving vehicle company owned by Google parent Alphabet, had accused it of stealing trade secrets.

Uber Technologies Inc. suffered through a hard 2017, but its business was able to grow nevertheless. There are few historical precedents for the scale of its loss. On an adjusted basis, excluding stock-based compensation, legal costs, taxes and depreciation, the company lost $2.2 billion for the full year.

Khosrowshahi comment echo those of Uber's head of transportation policy and research Andrew Salzberg, who said that the company was simply looking to help its customers get from A to B as quickly as possible. But one thing has not changed: The ride-hailing company is still losing a lot of money. Mr Khosrowshahi took over from ousted co-founder Travis Kalanick late a year ago.

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