Ride-hailing company Uber logs huge annual loss

Ride-hailing company Uber logs huge annual loss

It was just last week that Uber agreed to pay its Google-owned autonomous vehicle rival, Waymo, $245m worth of its own shares in the settlement of a trade-secrets legal battle.

Overall, its annual bookings rose to $37 billion in the previous year, with a full-year net revenue of $7.5 billion.

2017 was hardly a banner year for Uber, but the business did see some growth.

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. By comparison, Uber reportedly lost $1.46 billion during the third quarter. In case, Waymo is able to justify their allegations and prove that Uber is involved in unethical practices of stealing their trade secrets and initiated the development of the self-driving technology program, then there are high chances that they would stop the development process and demand for the damages caused by the stealing activity up to $1.86 billion.

The company released its numbers with Information the tech news site after Khosrowshahi had spoked with investors and confirmed the numbers to other media agencies, The Uber CEO said that UberEats reached gross revenues of $4 billion for the fourth quarter, which represents 10% of the entire Uber business.

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"It looked messy and it was messy", Khosrowshahi said on stage at a Goldman Sachs technology conference in San Francisco on Wednesday. 'If you draw that out further, a year from now, this could be a significant IPO waiting to happen, ' he said.

San Francisco-based Uber Technologies' results are hard to report because only pieces are released.

To make matters worse, Khosrowshahi discovered that Uber had covered up a computer break-in that stole personal information about millions of riders and drivers.

Khosrowshahi, who took over the peer-to-peer ridesharing group less than six months ago, already started making some changes in the troubled company last quarter.

Dara Khosrowshahi, who became the American company's chief executive officer in August 2017, has set out his long-term vision for Uber, which apparently includes running buses, subways, and hire bike systems.

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