Uber Reduced Its Deficit But Still Lost $1.1B In Q4 2017

Uber Reduced Its Deficit But Still Lost $1.1B In Q4 2017

While the losses are significant, the results still are positive for Uber with revenue rising and losses falling in three of four quarters in 2017, said Rohit Kulkarni, managing director of SharesPost, a research group focused on privately held companies.

Prior to the trial, Waymo had sought a settlement of more than $1 billion, which Uber rejected.

Ultimately, Uber's business is getting people from "point A to point B", he said at a Goldman Sachs-hosted event on Wednesday.

The company had previously reported third-quarter net loss of $1.46 billion on net revenue of $2 billion.

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

This is Khosrowshahi's first full quarter since becoming Uber's head. But the company also posted a substantial loss of $4.5 billion.

The 61% increase in losses for the fast-expanding and controversial company came at the same time as revenues surged by 85% to $37bn.

The most recent financial report shows the business continues to grow revenue, while its makes progress on cutting losses. Uber agreed it would give Waymo stock worth $245 million to settle that suit a week ago. Uber concluded the year with about $6 billion in cash, 13 percent less than the year before. 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.

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.

Khosrowshahi spoke with investors on a conference call Tuesday afternoon.

In his appearance, Khosrowshahi said Uber could quickly reverse its losses by retreating from less-developed markets outside the US and reducing the money it pours into expensive projects like its work on self-driving cars. Uber lost billions in China before selling its business there in 2016 in exchange for a 17.5 percent stake in homegrown rival Didi Chuxing.

Related Articles