Has a chaotic and expensive year had a major effect on Uber?
Has a chaotic and expensive year had a major effect on Uber?
The latest financial report shows the company continues to increase its revenue while making progress on cutting its loss. Charles Platiau Reuters
18 February, 2018, 07:11
According to The Information, gross bookings for Q4 rose 14pc from Q3, a positive for the first full quarter under former Expedia chief Khosrowshahi's leadership.
The Uber CEO portrayed the company he inherited as a very strong business - "a better business than I thought" when he took the job - but one with a damaged brand that he plans to try fix. That's an improvement over the $1.46 billion loss recorded in the previous quarter (with revenue of $9.7 billion), but Uber still hasn't attained profitability.
Khosrowshahi's comments come just days after Uber settled a lawsuit in which Waymo, the self-driving vehicle company owned by Google parent Alphabet, had accused it of stealing trade secrets.
For the entire year of 2017, Uber sustained a loss of $4.46 billion on sales of $7.36 billion. The San Francisco-based company has raised approximately $19 billion in funding and has a blended valuation of $54 billion, making it the biggest venture-backed technology enterprise without a stock listing.
A company spokesman said: "We're incredibly encouraged by our financial performance and excited by our long-term potential to serve riders, drivers and cities". The figure leaves out legal costs and stock-based compensation, as well as taxes, interest and other expenses. Less than a week into the trial, Uber agreed to give Alphabet shares worth $245 million along with words of "regret" that stopped short of admitting guilt. Uber concluded the year with about $6 billion in cash, 13 percent less than the year before.
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. Mr Khosrowshahi detailed them on a conference call with investors Tuesday, and the company made some results public.
Comparisons with 2016 were also affected by the sale that year of its business in China resulting in a substantial gain.
The figures cover a troubled year for the company as it faced sexual harassment claims and saw the departure of senior executives including its boss, co-founder Travis Kalanick, and a battle to continue operating in London.
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Don't ever give up and inspire for greatness, it read . "Live for Alyssa! Be her voice and breathe for her. Pupo said she saw the shooter, identified by authorities as former student Nikolas Cruz , in the hallway.
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