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techkenyot.com September 24, 2018


Uber lost $3.7 billion during its last three quarters

15 February 2018, 06:34 | Hattie Nash

Uber lost $3.7 billion during its last three quarters

Uber lost $3.7 billion during its last three quarters

Uber is probably really happy to leave 2017 behind.

The company's revenues during this period increased by about 14% to 11.1 billion United States dollars from 9 billion USD reported an year earlier. Meanwhile, the total value of fares grew to $11 billion that quarter. It was the first complete quarter with Dara Khosrowshahi at the helm, who took the reins of the troubled company during September of 2017.

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

Uber lost $4.5 billion a year ago, but CEO Dara Khosrowshahi said he's not anxious. Few historical precedents exist for the scale of Uber's loss. This ride-hailing company Uber has suffered allegations and fines from different regulatory authorities for misleading them and hiding information which was supposed to be disclosed voluntarily by the organization.

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Uber recently won a $1.25bn investment from Japan's SoftBank, which has acquired a 15% stake in the group. If the ride-hailing provider were to shed its younger businesses, Uber could become profitable but it would miss out on promising opportunities, he said.

The latest financial report shows the company continues to increase its revenue while making progress on cutting its loss.

Earlier this month Uber ended the autonomous vehicle trade secrets lawsuit filed by Alphabet's Waymo for a payment of Uber stock valued by Waymo at $US245 million.

Uber prefers to use a different number to refer to its loss: $2.2 billion. On an adjusted basis, excluding stock-based compensation, legal costs, taxes and depreciation, the company lost $US2.2 billion for the full year.

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According to the Everett Police Department, the 18-year-old's grandmother called 911 Tuesday morning after finding a journal with detailed plans to shoot his classmates and believed the threats to shoot students at the school were credible. The company shared the numbers with technology news site the Information after the call and confirmed them to Bloomberg.

CEO Travis Kalanick was ousted in June and replaced by Khosrowshahi in August. Uber also said its USA ride-hailing market share fell from 82 percent at the start of previous year to 70 percent in the fourth quarter.

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.

The full-year loss increased from USD2.8 billion in 2016, a year with results distorted by a gain from the sale of Uber's unprofitable business in China.

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