Uber's losses ballooned to $4.5bn in tumultuous year
Feb 18, 2018, 00:36
Ride-hailing company Uber lost $4.5 billion (€3.64 billion) previous year, technology site The Information reported late Tuesday. Uber had initially offered to settle the case for $490 million just before the start of the trial Monday, but that agreement didn't provide Waymo with enough assurances that its technology wouldn't be improperly used, according to two people familiar with the thinking of both parties in the lawsuit. Few historical precedents exist for the scale of Uber's loss.
Bloomberg notes Uber ended 2017 with about $6 billion in cash on hand, 13 percent less than the year earlier. By comparison, Uber reportedly lost $1.46 billion during the third quarter.
Ride-hailing app firm Uber saw its losses spiral by 61% to $4.5bn (£3.2bn) in 2017, up from $2.8bn in 2016 - despite an 85% increase in revenue to $37bn.
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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.
The settlement and its improving finances suggest that it is making an effort to achieve its goal for an initial public offering (IPO) in 2019.
Uber also recently secured $1.25 billion (£903 million) in investment after Japan's SoftBank bought a 15% stake in the group, while a consortium of other investors - which reportedly include Dragoneer, Tencent, TPG and Sequoia - shelled out $1 billion (£722 million) for a 2.5% stake. 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.
Since Khosrowshahi took over as CEO of Uber, he has been busy rebuilding the company that Kalanick founded but also nearly destroyed.
The former Expedia boss has vowed to fix the company's work culture and business practices following several years of bad publicity, but his reign has been far from smooth-running. Complicating matters, the company has been without a chief financial officer since 2015.
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