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

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Inc. All rights reserved. This material may not be published broadcast rewritten or redistributed

Ride-hailing giant Uber's full-year net loss widened to $4.5 billion in 2017 as the company endured a tumultuous year that included multiple scandals and the replacement of its CEO.

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

In his appearance, Khosrowshahi said Uber could quickly reverse its losses by retreating from less-developed markets outside the US and reducing the money it pours into expensive projects like its work on self-driving cars.

The company last week agreed to give Alphabet Inc.'s self-driving vehicle unit Waymo $245 million worth of its own shares to settle a lawsuit over trade secrets, thus ending one of its most image-bruising public disputes. Uber lost billions in China before selling its business there in 2016 in exchange for a 17.5 per cent stake in homegrown rival Didi Chuxing.

Uber prefers using a different number when it refers to its loss, which is says is $2.2 billion, but that figure does not include some of its legal costs as well as compensation that is stock based, taxes, interest and other types of expenses.

Uber has completed the year with about 6 billion Dollars in cash.

The figures also fulfill Uber's new chief executive Dara Khosrowshahi's main goal of reviving the financial outlook of the company that has suffered huge losses in the past.

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.

On Wednesday the Uber CEO will speak at a technology conference hosted by Goldman Sachs in San Francisco.

As a private company, Uber is not obligated to disclose its financial results. Losses in the last three months of 2017 dropped to $1.1 billion (£795 million) from $1.46 billion a year earlier. The firm, based in Japan, has bet that more people will decide to book rides through Uber's app rather than drive themselves and the business would find a way to recover from the losses of today.

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