Uber's net loss widens to $4.5 billion for tumultuous 2017

Uber's net loss widens to $4.5 billion for tumultuous 2017

Over the entire 2017, Uber lost $4.5 billion, whereas it was "only" about $2.8 billion in the red a year earlier, though 2016 isn't considered an optimal reference point for evaluating its long-term performance because the majority of its losses incurred over that year was amortized by the sale of its China business to local rival Didi Chuxing. If the ride-hailing provider were to shed its younger businesses, Uber could become profitable but it would miss out on promising opportunities, he said.

Uber prefers using a different number when it refers to its loss, which is says is $2.2 billion, but that figure does not include some of its legal costs as well as compensation that is stock based, taxes, interest and other types of expenses.

Uber, a private company, doesn't have to publicly disclose earnings.

Uber has had a chaotic year, battling lawsuits, sex discrimination allegations, and the departure of many of its top execs.

For the fourth quarter, Uber's net loss was $US1.1 billion, down from $US1.46 billion it lost in the third quarter.

Gross revenue for the year rose 85 percent over 2016, to $37 billion.

Since Khosrowshahi took over as CEO of Uber, he has been busy rebuilding the company that Kalanick founded but also nearly destroyed. If 2017 couldn't stop Uber's path to dominance, one wonders what will happen once Uber achieves its goals.

Last week, Uber agreed to pay $245 million-worth of its own shares to Google's sister self-driving vehicle company Waymo to settle a legal dispute over trade secrets, allowing Uber's chief executive to move past one of the company's most bruising public controversies.

Uber's results are hard to decipher because it only divulges pieces of data, taking advantage of its status as a privately held company.

A person briefed on the results provided some numbers and confirmed the accuracy of The Information's story to The Associated Press on Wednesday.

Khosrowshahi, formerly CEO at online travel service Expedia, is spending a lot of time expressing regret for Uber's past behavior.

Uber's losses widened previous year, despite signs that it was pulling back from the brink in the final three months. What remains to be seen is how we'll all fare when and if Uber holds the defacto monopoly on ride sharing. "Their app is just a download away from people moving on to a competitor", he said.

He said that it's Uber's commitment to "developing" markets that are dragging things down, but he views that as an "optional investment". That, he said, is something Uber isn't ready to do yet. I need to make this count.