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Uber's net loss increases in 2017

Uber's net loss increases in 2017

Quarterly revenue on the other hand, was up 11.8 percent from $2 billion to $2.2 billion.

Results were also impacted by a substantial gain in 2016 from Uber's sale of its business in China. The company earned almost $11.1 billion in gross revenue in Q4 2017, up by $1.4 billion from Q3 2017 and almost double the figure from Q4 2016.

In September, Uber was told that it would lose its operating license in London.

There was one silver lining for the ride-hailing company, though, as it was able to show improvement in its fourth quarter by narrowing its loss to $1.1 billion after losing $1.46 billion in the previous three months. All said and done, Uber ended the year with around $6 billion in cash, 13 percent lower than 2016. There are few historical precedents for the scale of its loss. On an adjusted basis, excluding stock-based compensation, legal costs, taxes and depreciation, the company lost $2.2 billion for the full year.

As Uber worked to recover from series of scandals at the end of 2017, it's financial situation also stabilized.

An Uber spokesman said: "We're incredibly encouraged by our financial performance and excited by our long-term potential to serve riders, drivers and cities". Mr Khosrowshahi took over from ousted co-founder Travis Kalanick late previous year.

Uber CEO Dara Khosrowshahi, whose company just stared down that same question late past year as it negotiated a high-stakes deal with the $100 billion fund, gave voice to that intellectual exercise today as he offered an overview of his business to Goldman Sachs clients and investors.

The investment served as a part of the firm's plan to reform its board structure, as it prepares to go public next year.

Uber's losses widened past year, despite signs that it was pulling back from the brink in the final three months.

Uber had faced accusations from Waymo, a self-driving auto company owned by Google's parent company Alphabet, of stealing purported trade secrets relating to autonomous vehicle technology.


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