Uber reports $4.5bn loss

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Full-year net loss of Uber has expanded to USD4.5 billion last year, as it went through fierce year with several scandals, a lawsuit alleging the theft of trade secrets and the replacement of its CEO.

The full-year loss grew from $2.8 billion in 2016, but that year was skewed by a gain from the sale of Uber's business in China.

In a sign that the negative publicity surrounding its problems alienated many consumers, Uber's share of the ride-hailing market in the USA fell from 82 percent at the start of a year ago to 70 percent in the fourth quarter. Under Kalanick, Uber had run roughshod over regulators, faced accusations of rampant sexual harassment, and allegedly obtained medical records of a woman in who said an Uber driver in India had raped her (Uber recently settled a USA lawsuit that the woman had filed against the company).


The government says it's to cut down on congestion. Khosrowshahi said on the investor call that UberEats had reached a $4 billion gross revenue run-rate in the fourth quarter, which means food delivery will represent about 10 percent of Uber's business. The San Francisco, California-based firm narrowed its quarterly loss by 26-percent sequentially, whereas its revenue rose 14-percent to $11.1 billion in the final three months of 2017. "If you draw that out further, a year from now, this could be a significant IPO waiting to happen", he said. It's been two days for the courtroom war and allegations fight happening between Waymo and Uber and the portrayal of the ride-hailing company is more or less of a greedy and aggressive company who would do anything to win the race including unethical practices like stealing the trade secrets from their competitors.

Uber has completed the year with about 6 billion United States dollars in cash. The fourth-quarter adjusted loss was $US475 million, down from $US606 million in the third quarter.

The company for shared travel Uber Technologies reported 61% increase in loss in 2017.


Khosrowshahi also addressed the company's public image which he believes was "appropriately negative", but insists that he was pleasantly surprised to find that the company has "good people", who are committed to changing the world of transportation.

When he complained, Uber refused to see that there had been a mistake.

Chief executive Travis Kalanick was ousted in June and replaced by Mr Khosrowshahi in August.


Waymo and Uber last week announced a settlement in a blockbuster lawsuit over allegedly stolen trade secrets from the former Google self-driving vehicle project.

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