Science

Uber loss leapt in 2017 as the final quarter showed some hope

Uber loss leapt in 2017 as the final quarter showed some hope

Few historical precedents exist for the scale of Uber's loss. Uber agreed to pay $245 million worth of its own shares to Alphabet's Waymo self-driving vehicle unit to settle the legal dispute. While Amazon had nearly $178 billion in sales in 2017, net income was $2.24 billion. Revenue during that stretched climbed about 14 percent to $11.1 billion from $9 billion. Uber lost billions in China before selling its business there in 2016 in exchange for a 17.5 per cent stake in homegrown rival Didi Chuxing.

Despite a turbulent year for the ride-hailing company, sales were $7.5bn.

Uber also said it has roughly $6 billion in cash - including $1.4 billion in money set aside for potential insurance claims - at the end of 2017, compared with $6.9 billion in cash at the end of 2016.After years of losing money, Uber is inching toward profitability. That's 13% less than the previous year.

Now that the dust has somewhat settled after 2017, Uber has publicised some of its financial information for Q4 and the year overall. It was the first full quarter under Dara Khosrowshahi, who took over the troubled business in September.

Facebook's Protect iOS feature effectively installs spyware on iPhones and iPads
CNBC , meanwhile, pointed out that Facebook is peddling this app "without first disclosing that it's owned by Facebook ". This helps us improve and operate the Onavo service by analyzing your use of websites, apps and data.

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 hasn't made it easy to compare last year's financials to years past.

On Wednesday the Uber CEO will speak at a technology conference hosted by Goldman Sachs in San Francisco.

It is also meant to help Uber move past a series of controversies, which included allegations of executive misconduct, a toxic working environment, and potential unethical competitive actions that has resulted to the departure of its former CEO Travis Kalanick and the dismissal of more than 20 employees. The firm, based in Japan, has bet that more people will decide to book rides through Uber's app rather than drive themselves and the business would find a way to recover from the losses of today. The position has been empty for many years now.


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