Uber's losses widened a year ago, despite signs that it was pulling back from the brink in the final three months.
However, Uber lost $1.1 billion in the final quarter of 2017 as compared with $1.46 billion in the preceeding quarter as revenue rose. There are few historical precedents for the scale of its loss.
Uber Technologies Inc narrowed its fourth-quarter loss to $1.1 billion from a loss of $1.46 billion in the previous quarter, a person familiar with the matter told Reuters.
Last week, the company said it would pay 245 million Dollars in shares of Waymo, the Alphabet self-governing unit, to end its litigation in connection with the charge of stealing trade secrets.
Ultra-processed Foods may be Associated with a Higher Risk of Cancer
It comes after a Guardian report revealed how half of all food bought by United Kingdom families is now ultra-processed. A new study suggests that the so-called ultra-processed foods can boost cancer risk by a significant amount.
Net revenue grew to $2.22 billion from $1.38 billion in the same quarter-over-quarter comparison. The San Francisco-based group's gross bookings also climbed 14 percent to $11.1 billion in the quarter. Sales continued to grow to $7.5 billion for the year, a 61 per cent increase.
Uber has completed the year with about 6 billion Dollars in cash.
Uber disclosed its quarterly results less than a week after it settled a trade secrets lawsuit with Waymo, the self-driving auto unit of Google's parent company, Alphabet. The CEO said that while he's somewhat uncomfortable running a money-losing business after joining from profit-generating Expedia Inc., it's the right strategy for Uber. 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.
It is also meant to help Uber move past a series of controversies, which included allegations of executive misconduct, a toxic working environment, and potential unethical competitive actions that has resulted to the departure of its former CEO Travis Kalanick and the dismissal of more than 20 employees. He also landed in the midst of a court battle that pitted Uber against a Google (GOOG) spinoff alleging that the ride-hailing service had conspired to steal its self-driving vehicle technology while Kalanick was running things. The position has been empty for many years now.