Uber's fourth-quarter loss narrows to $1.1 billion

18 February, 2018, 07:12 | Author: Teresa Adams
  • Uber's Losses Said to Swell in 2017 but Final Quarter Showed Hope

The value of the merged entity was then estimated at around $35 billion, with Uber receiving an equity payment equivalent to the fifth of the combined company.

The Uber CEO portrayed the company he inherited as a very strong business - "a better business than I thought" when he took the job - but one with a damaged brand that he plans to try fix.

Uber is paying $245 million to Google's self-driving auto spin-off to end a legal brawl that aired out allegations of a sinister scheme that tore apart the once-friendly companies.

Uber considers adjusted earnings before taxes as a better indicator of its financial performance rather than net earnings based on Generally Accepted Accounting Principles, which include losses for accounting purposes.

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Homan and teammates Emma Miskew, Joanne Courtney and Lisa Weagle do have experience in big events on their side. In figure skating, Toronto's Patrick Chan fell on a triple Axel and sat sixth after the men's short program.

On the contrary, if Uber is able to convince that the allegations imposed by Waymo are false and they are clean, then this would not only hit Waymo but also its parent companies like Alphabet and Google Inc to a great extent.

Gross revenue for the year rose 85 percent over 2016, to $37 billion. Uber concluded the year with about $6 billion in cash, 13 percent less than the year before.

Uber's losses widened a year ago, despite signs that it was pulling back from the brink in the final three months.

The company is struggling to recover from a series of scandals, as well as increased regulation by state and municipal authorities. It was the first complete quarter with Dara Khosrowshahi at the helm, who took the reins of the troubled company during September of 2017.

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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.

The company's efforts to ramp up its marketing costs in the United States previous year - in a bid to fix its tarnished image and fight off increasing competition - helped deepen 2017's losses.

He is aiming for Uber to make an underlying profit by next year, ahead of a planned stock market flotation.

Chief executive Travis Kalanick was ousted in June and replaced by Mr Khosrowshahi in August. The position has been empty for many years now.

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