Uber's net loss widens to $4.5B for tumultuous 2017


While the losses are significant, the results still are positive for Uber with revenue rising and losses falling in three of four quarters in 2017, said Rohit Kulkarni, managing director of SharesPost, a research group focused on privately held companies.

Ride-hailing company Uber lost $4.5 billion (€3.64 billion) previous year, technology site The Information reported late Tuesday. The most recent loss by Uber is based upon generally accepted accounting principles that includes write downs, and the enormous number of legal expenses, like the cost of defending itself against a lawsuit over trade secrets brought by Waymo a subsidiary of Alphabet Inc.

It also agreed not to utilize any of Waymo's technology for autonomous driving as part of the settlement.

Khosrowshahi said previously he wants to take the company public by 2019, which means Uber eventually will have to pull back the curtain on details of its financial performance.

Fourth-quarter bookings rose by 14 percent to $11.1 billion. Uber concluded the year with about $6 billion in cash, 13 percent less than the year before.

Now that the dust has somewhat settled after 2017, Uber has publicised some of its financial information for Q4 and the year overall.

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This is Khosrowshahi's first full quarter since becoming Uber's head.

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

Uber disclosed its quarterly results less than a week after it settled a trade secrets lawsuit with Waymo, the self-driving auto unit of Google's parent company, Alphabet. Mr Khosrowshahi took over from ousted co-founder Travis Kalanick late previous year.

Even as Uber has seen unprecedented growth by expanding to dozens of countries, it has been hurt by missteps including allegations of executive misconduct, a toxic work atmosphere and potentially unethical competitive practices.

The changes included selling Uber's unprofitable car-leasing business and appointing a chief operating officer, who is required to cut costs and establish more standardization across 80 countries that the firm operates in.