Uber ends a turbulent year with reduced losses in Q4 2017

Uber Is Still Losing Carloads Of Money

Quarterly Sales at Uber Rose by 61% Amidst Big Loss

Figures reported by The Information and confirmed by AFP showed that Uber lost US$4.5 billion (RM18 billion) in 2017, compared to US$2.8 billion a year earlier.

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

Net revenue grew to US$2.22 billion from US$1.38 billion in the same quarter-over-quarter comparison.

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The legal battle between Google's Waymo and ride-hailing company Uber aroused when Waymo put allegations of stealing their self-driving technology secrets by Uber in order to first introduce the self-driving technology developed cars in the market to the masses. Despite a turbulent year for the company, it still managed to earn sales of $7.5 billion, although this was tempered by a substantial loss of $4.5 billion, an unprecedented number. 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. Uber agreed it would give Waymo stock worth $245 million to settle that suit a week ago.

The European Union's top court dealt a major setback to Uber's plans for expansion across the Continent when it ruled that EU nations could regulate it as a taxi company. The figure leaves out legal costs and stock-based compensation, as well as taxes, interest and other expenses.

The ride-hailing firm ended 2017 with about $6 billion in cash, including $1.4 billion money set aside for potential insurance claims.

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Travis Kalanick's resignation in June 2017 and the subsequent appointment of former Expedia boss Dara Khosrowshahi as CEO appears to have reassured customers and investors a little towards the final months of the year.

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. The company declined to disclose complete data for 2016 and over time has changed how it accounts for revenue.

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.

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