Quarterly Sales at Uber Rose by 61% Amidst Big Loss

Quarterly Sales at Uber Rose by 61% Amidst Big Loss

Losses at the ride-sharing company Uber widened by 61 per cent to $4.5 billion previous year but narrowed in the final quarter in a boost for its new chief executive.

Ride-hailing app firm Uber saw its losses spiral by 61% to $4.5bn (£3.2bn) in 2017, up from $2.8bn in 2016 - despite an 85% increase in revenue to $37bn. Uber also said its USA ride-hailing market share fell from 82 per cent at the start of a year ago to 70 per cent in the fourth quarter. The numbers show that Uber under Khosrowshahi is on a path toward profitability and a sustainable economic model, Kulkarni said.

Uber is in the process of reducing its deficit but still managed to lose $1.1 billion in the fourth quarter of 2017, The Information reported earlier this week, citing data obtained from the company. The company earned almost $11.1 billion in gross revenue in Q4 2017, up by $1.4 billion from Q3 2017 and almost double the figure from Q4 2016.

Uber's CEO offered an amibitous vision for the company, saying he didn't want it to be seen as purely a car-for-hire company - but one that would take any person on any transit system - "from point A to point B, whatever the best way". 'If you draw that out further, a year from now, this could be a significant IPO waiting to happen, ' he said. The figure leaves out legal costs and stock-based compensation, as well as taxes, interest and other expenses. The fourth-quarter adjusted loss was $US475 million, down from $US606 million in the third quarter.

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San Francisco-based Uber Technologies Inc.'s results are hard to report because only pieces are released. 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.

Uber is looking to partner with autonomous-vehicle companies, the CEO said, adding that the company is prepared to slowly integrate autonomous vehicles in its network filled with human drivers.

When Dara Khosrowshahi was announced as the replacement for ousted Uber CEO Travis Kalanick, he looked set to inherit a company in major turmoil.

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