Ride-hailing company Uber logs huge annual loss

Ride-hailing company Uber logs huge annual loss

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.

The quarterly figures come less than a week after Uber settled what could have been a very expensive lawsuit brought by Waymo.

Ultimately, Uber's business is getting people from "point A to point B", he said at a Goldman Sachs-hosted event on Wednesday. However, losses did narrow 26pc from Q3 of 2017 to $1.1bn, down from $1.46bn in the previous quarter. In addition, the company last month disclosed that it had suffered a massive data breach affecting 57 million users.

Uber's loss was mainly based on accepted accounting standards, which includes write-downs and significant legal expenses.

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"I think the Waymo settlement to some extent was a part of that".

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

The ride-hailing firm ended 2017 with about $6 billion in cash, including $1.4 billion money set aside for potential insurance claims.

The company is struggling to recover from a series of scandals, as well as increased regulation by state and municipal authorities.

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This is Khosrowshahi's first full quarter since becoming Uber's head. 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 US lawsuit that the woman had filed against the company).

Waymo had alleged that Anthony Levandowski, one of its former employees, had taken Waymo's trade secrets after leaving the company to found his own autonomous truck company, Otto.

For the last three months of the year, Uber was in the red by $1.1bn, down from $1.46bn a year earlier in a boost for new chief executive Dara Khosrowshahi.

CEO Travis Kalanick was ousted in June and replaced by Khosrowshahi in August.

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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 position has been empty for many years now.

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