Electronics

Uber lost $3.7 billion during its last three quarters

Uber lost $3.7 billion during its last three quarters

Losses at the ride-sharing company Uber widened by 61 per cent to $4.5 billion previous year but narrowed in the final quarter in a boost for its new chief executive.

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. 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 January, SoftBank Group led an investment deal worth $9.3 billion to make it the largest Uber shareholder.

Google was one of the first investors in Uber, way back when it started, so this settlement will increase the search giant's stake in the company.

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

The teen's grandmother then looked in her grandson's guitar case, found a semi-automatic rifle inside and was shocked to find it seemed he was close to carrying out the detailed plans he wrote about, court documents say.

England and Wales Cricket Board announces 2023 Ashes venues
On Wednesday, the European Central Bank also announced the cities that will host the new eight-team Twenty20 tournament in 2020. Hosting an Ashes Test has been a long-time dream of Rod Bransgrove, Hampshire's chairman.

Uber's loss was mainly based on accepted accounting standards, which includes write-downs and significant legal expenses. The figure leaves out legal costs and stock-based compensation, as well as taxes, interest and other expenses. The fourth-quarter adjusted loss was $475 million, down from $606 million to in the third quarter.

Uber Technologies Inc. suffered through a hard 2017, but its business was able to grow nevertheless.

Uber isn't publicly traded but has chosen to release select financial information to investors and the public in recent quarters. Anthony Levandowski is the former auto engineer associated with Waymo who later joined Uber and Travis Kalanick is the former chairman of Uber who was forced to resign from the position after the series of controversies hit the organization.

A person briefed on the results provided some numbers and confirmed the accuracy of The Information's story to The Associated Press on Wednesday. That engineer, Anthony Levandowski, subsequently went to work for Uber, and was later fired when he declined to answer questions about the theft charges, citing his Fifth Amendment right against self-incrimination.

Earlier this month Uber ended the autonomous vehicle trade secrets lawsuit filed by Alphabet Inc.'s Waymo for a payment of Uber stock valued by Waymo at $245 million.


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