Rough ride for Uber in 2017 as losses widen to $4.5bn

Uber Is Still Losing Carloads Of Money

Quarterly Sales at Uber Rose by 61% Amidst Big Loss

Ride-hailing giant Uber's full-year net loss widened to $4.5 billion 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 CEO. Uber also said its United States ride-hailing market share fell from 82 per cent at the start of previous year to 70 per cent in the fourth quarter.

The numbers show that Uber under Mr Khosrowshahi is on a path toward profitability and a sustainable economic model, Mr Kulkarni said. The company reveals that its losses amount to RM18 billion in 2017, although its net revenue grew over US$1 billion in the same quarter-over-quarter comparison. 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). The most recent loss by Uber is based upon generally accepted accounting principles that includes write downs, and the enormous number of legal expenses, like the cost of defending itself against a lawsuit over trade secrets brought by Waymo a subsidiary of Alphabet Inc.

Fourth-quarter bookings rose by 14 percent to $11.1 billion. The fourth-quarter adjusted loss was $475 million, down from $606 million to in the third quarter. This ride-hailing company Uber has suffered allegations and fines from different regulatory authorities for misleading them and hiding information which was supposed to be disclosed voluntarily by the organization.

Khosrowshahi's comments come just days after Uber settled a lawsuit in which Waymo, the self-driving auto company owned by Google parent Alphabet, had accused it of stealing trade secrets.

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

Khosrowshahi, who took over the peer-to-peer ridesharing group less than six months ago, already started making some changes in the troubled company last quarter.

Khosrowshahi wants the company to go public next year, according to a November 9, 2017, CNN report.

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