Uber's net loss increases in 2017

Uber's net loss increases in 2017

Ride-hailing giant Uber's full-year net loss widened to $US4.5 billion ($5.7 million) in 2017 as the company endured a tumultuous year that included multiple scandals, a lawsuit alleging the theft of trade secrets and the replacement of its chief executive. Khosrowshahi said that by 2023, he could imagine Uber providing the entire transportation network for a city.

However, Uber's loss of $1.1bn in the final quarter of the year was down 21% on the figure of $1.4bn in 2016.

The new Uber CEO said Kalanick and "the whole board now agree that we should just go public", according to the same CNN report. The figure leaves out legal costs and stock-based compensation, as well as taxes, interest and other expenses.

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While the losses are significant, the results still are positive for Uber with revenue rising and losses falling in three of four quarters in 2017, said Rohit Kulkarni, managing director of SharesPost, a research group focused on privately held companies.

Khosrowshahi says "getting the love back" has been one of his top priorities since Uber lured him from online travel agency Expedia five months ago to replace co-founder Travis Kalanick as CEO.

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.

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Waymo and Uber last week announced a settlement in a blockbuster lawsuit over allegedly stolen trade secrets from the former Google self-driving vehicle project.

'We strive to be and should be a brand that is as beloved as Amazon and Google, ' Khosrowshahi during an appearance at a Goldman Sachs technology conference.

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

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Dara Khosrowshahi, who became the American company's chief executive officer in August 2017, has set out his long-term vision for Uber, which apparently includes running buses, subways, and hire bike systems.

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