Uber lost $3.7 billion during its last three quarters


Uber lost $4.5 billion in 2017 and posted sales of just under $7.5 billion, the ride-hailing company told investors Tuesday.

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.

Still, in the fourth quarter, which was the first full reporting period under the control of Dara Khosrowshahi as CEO, Uber's loss shrank to 1.1 billion Dollars from 1.46 billion USD in the third quarter.

Last month, ride-hailing group agreed to sell $10 billion of its stock to a consortium led by Japan's internet giant SoftBank Group Corp. recently for a 15 percent stake, making it the Uber's largest shareholder. Under Kalanick, Uber had run roughshod over regulators, faced accusations of rampant sexual harassment, and allegedly obtained medical records of a woman in who said an Uber driver in India had raped her (Uber recently settled a USA lawsuit that the woman had filed against the company). Despite the turbulent 12 months, the sales revenue reached 7.5 billion United States dollars. The San Francisco, California-based firm narrowed its quarterly loss by 26-percent sequentially, whereas its revenue rose 14-percent to $11.1 billion in the final three months of 2017.

The losses are because of commonly accepted accounting practices, such as write-downs, as well as a costly year in terms of legal fees.

Uber is huge and blowing a lot of cash to stay huge. The fourth-quarter adjusted loss was $US475 million, down from $US606 million in the third quarter. Later, Levandowski sold that company to Uber and allegedly handed those purloined documents over to the new owners to help with their own autonomous vehicle ambitions.

Mr Khosrowshahi, who was previously chief executive of Expedia, has increased financial discipline, hired a chief operating officer to cut costs and sold Uber's lossmaking car-leasing business.

San Francisco-based Uber Technologies' results are hard to report because only pieces are released.

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

The ride-hailing service provider is now spending less on customer support and advertising, though the former unit is still understood to be performing in accordance with the company's expectations, i.e.it's effectively managing to do more with less.

Since Khosrowshahi took over as CEO of Uber, he has been busy rebuilding the company that Kalanick founded but also nearly destroyed.