Saturday, 26 May, 2018

Pummeled by scandal, Uber hit with $4.46B in losses during 2017

A teen's grandmother found his semiautomatic rifle along with plans to shoot up a school A teen's grandmother found his semiautomatic rifle along with plans to shoot up a school
Doris Mccormick | 15 February, 2018, 16:38

Last month, ride-hailing group agreed to sell $10 billion of its stock to a consortium led by Japan's internet giant SoftBank Group Corp. recently for a 15 percent stake, making it the Uber's largest shareholder.

However, the company still lost 61 percent to $4.5 billion for all of 2017, more than the $2.8 billion in 2016. There are few historical precedents for the scale of its loss.

Net revenue grew to $2.22 billion from $1.38 billion in the same quarter-over-quarter comparison.

Waymo and Uber last week announced a settlement in a blockbuster lawsuit over allegedly stolen trade secrets from the former Google self-driving auto project. But US District Judge William Alsup had refused to allow Waymo to use that figure in the trial. Despite the turbulent 12 months, the sales revenue reached 7.5 billion United States dollars.

Fourth-quarter bookings rose by 14 percent to $11.1 billion.

Uber isn't publicly traded but has chosen to release select financial information to investors and the public in recent quarters.

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Uber also said it has roughly $6 billion in cash - including $1.4 billion in money set aside for potential insurance claims - at the end of 2017, compared with $6.9 billion in cash at the end of 2016.After years of losing money, Uber is inching toward profitability.

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

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.

The job is proving to be even more hard than Khosrowshahi anticipated five months ago after Uber lured him away from online travel agency Expedia (EXPE) to replace its embattled co-founder, Travis Kalanick, as CEO.

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. The position has been empty for many years now.

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