Losses balloon at Uber, but profitability closer than ever

Losses balloon at Uber, but profitability closer than ever

Revenue during that stretched climbed about 14 percent to $11.1 billion from $9 billion. Meanwhile, the total value of fares grew to $11 billion that quarter.

It also narrowed its loss to $1.1 billion from a loss of $1.46 billion in the previous quarter.

Sources with knowledge of the matter said that Uber's fourth-quarter loss dropped to $1.1 billion from $1.46 billion in the third quarter. There are few historical precedents for the scale of its loss.

Uber isn't publicly traded but has chosen to release select financial information to investors and the public in recent quarters.

Last year, Uber raised billions of dollars in funding, and a deal with SoftBank saw the Japanese conglomerate take an approximate 17.5pc stake in the ride-sharing company.

The changes included selling Uber's unprofitable car-leasing business and appointing a chief operating officer, who is required to cut costs and establish more standardization across 80 countries that the firm operates in.


Uber is paying $245 million to Google's self-driving vehicle spin-off to end a legal brawl that aired out allegations of a sinister scheme that tore apart the once-friendly companies. Uber agreed to give Waymo stock valued at $245 million to settle the suit last week.

The payment, to be made in Uber's stock, is a fraction of the almost $2 billion in damages that a Waymo expert had estimated Uber's alleged theft had caused.

Uber has just revealed its fourth-quarter financial results, which show that the ride-hailing company's loss jumped 61 percent in 2017.

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

Bloomberg notes Uber ended 2017 with about $6 billion in cash on hand, 13 percent less than the year earlier.

While revenue saw a boost, Uber lost an estimated 12 points of market share over the course of previous year to Lyft. It is important to note Uber's larger global footprint here, meaning the company may be making up for lost ground in the United States in other territories.

Related Articles

  • Chicago Equity Partners LLC Invests $337000 in Dollar Tree, Inc. (DLTR) Stock

    Linden Advisors Lp decreased its stake in 51Job Inc (JOBS) by 84.27% based on its latest 2017Q3 regulatory filing with the SEC. Snow Capital Management Lp, a Pennsylvania-based fund reported 365,081 shares. 677,425 are owned by Price T Rowe Assoc Inc Md.

    Lockheed Martin (LMT) Stock Rating Lowered by Wells Fargo & Co

    It improved, as 43 investors sold LMT shares while 356 reduced holdings. 110 funds opened positions while 386 raised stakes. The stock of Lockheed Martin Corporation (NYSE:LMT) earned "Hold" rating by RBC Capital Markets on Tuesday, January 23.
    Patrick J. Adams Defends Meghan Markle After Racist Tweet

    Patrick J. Adams Defends Meghan Markle After Racist Tweet

    In the tweet, Markle's face was overlaid with an image of the Cheddar man. Nehlen was Ryan's primarily challenger at that time.
  • Amazon Com INC (AMZN) Position Held by Diam Company Ltd

    Chartist Inc decreased its stake in Amazon Com Inc ( AMZN ) by 0.48% based on its latest 2017Q3 regulatory filing with the SEC. Public Employees Retirement Of Ohio holds 307,322 shares. (NASDAQ:AMZN). 3,320 are owned by Blue Edge Cap Lc. (NASDAQ:SNPS).
    Mary is favourite name for William and Kate's baby

    Mary is favourite name for William and Kate's baby

    The exciting update comes after a serious spike in the north-west of England with punters putting their money behind Mary. Prince George and Princess Charlotte were both born at the Lindo Wing of St Mary's Hospital in Paddington, London.
    McConnell Opens Senate Floor for Immigration Debate With No Endgame

    McConnell Opens Senate Floor for Immigration Debate With No Endgame

    But the GOP margin for error in the House is much greater, giving Speaker Ryan some flexibility in presenting reform legislation. There, Republicans are on the whole far less amenable to compromise with Democrats on the matter of immigration.
  • Maldives: Ex-president, SC judges wished to overthrow authorities

    Maldives: Ex-president, SC judges wished to overthrow authorities

    Therefore, internal stability is not important just to Maldives, but also to the worldwide community, and most of all, to India. We also do not know how the Government in Malé, after a regime change, will behave with regard to Indian interests.
    Earnings Clues on FirstEnergy Corp. (FE), Pepsico, Inc. (PEP) Analyst's Predictions

    Earnings Clues on FirstEnergy Corp. (FE), Pepsico, Inc. (PEP) Analyst's Predictions

    Cantab Capital Partners Ltd Liability Partnership holds 0.23% or 14,645 shares in its portfolio. (NYSE:BKU) for 1.62M shares. The Kansas-based Creative Planning has invested 0.4% in Pepsico, Inc . 3,993 are held by East Coast Asset Management Ltd.
    How Apple Hopes to Eliminate Those Annoying iPhone Bugs

    How Apple Hopes to Eliminate Those Annoying iPhone Bugs

    Craig Federighi , Apple's senior VP of software engineering, informed engineers at the company last month of the new strategy. In other ( bigger ) news, Apple is now working on a FaceTime update that will finally let you call multiple people at once.
  • Colts to introduce Frank Reich as head coach

    Colts to introduce Frank Reich as head coach

    Reich, in contrast, has been a position coach with Manning and Phillip Rivers as well as Larry Fitzgerald and Reggie Wayne. The Colts introductory press conference of Frank Reich will be today at 3:30pm EST. "I will call the plays", Reich said.
    Sea Level Rise Accelerated by Climate Change

    Sea Level Rise Accelerated by Climate Change

    UNSW's Professor Church is the co-convening lead author of chapters on sea level rise in the most recent IPCC assessment report . For one, higher concentrations of greenhouse gases in the atmosphere boost the temperature of water and warm water expands.
    Oracle opens digital hub for cloud computing in Singapore

    Oracle opens digital hub for cloud computing in Singapore

    The AI will then proactively surface analytical capabilities and data insights to assist management in making educated decisions. Other data center locations will include Amsterdam, China, India, Japan, Saudi Arabia, Singapore, South Korea and Switzerland.