Quarterly Sales at Uber Rose by 61% Amidst Big Loss


Uber wants to dominate ride sharing at all costs and, thanks to brand dominance and heavy investments from places such as Softbank, which handed over $US1.25 billion ($1.6 billion) in January, Uber is well on its way. Meanwhile, the total value of fares grew to $11bn that quarter.

Khosrowshahi also offered more of an explanation on Wednesday on last week's decision to settle the lawsuit filed by Alphabet over whether Uber stole self-driving technology secrets from Waymo, Alphabet's subsidiary.

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CEO Travis Kalanick was ousted in June and replaced by Khosrowshahi in August. During the past one year, there were lots of controversies associated with this ride-hailing company creating a negative impression and rising difficulty for them.

The figures also fulfill Uber's new chief executive Dara Khosrowshahi's main goal of reviving the financial outlook of the company that has suffered huge losses in the past.

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Uber said it lost $1.1 billion in the fourth quarter of 2017, with revenue of $11.05 billion. Few historical precedents exist for the scale of Uber's loss. Uber settled its court case with Waymo, pledging to never use the stolen trade secrets for software and hardware development as well as giving over a 0.34 percent stake in the company, valued at around $245 million. The Japanese firm is betting that more people will choose to book rides through an app instead of driving themselves and that the business will find a way to make up for losses today. These record levels just showed that Uber continues to raise its sales, while making an impact on its loss. The surprise settlement announced Friday came as lawyers for Uber and Waymo, a company hatched from Google, prepared to wrap up the first week of a trial that had attracted worldwide attention. All said and done, Uber ended the year with around $6 billion in cash, 13 percent lower than 2016. The company shared the numbers with technology news site the Information after the call and confirmed them to Bloomberg.

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. That engineer, Anthony Levandowski, subsequently went to work for Uber, and was later fired when he declined to answer questions about the theft charges, citing his Fifth Amendment right against self-incrimination.

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