Published: Thu, February 15, 2018
Science | By Hubert Green

Ride-hailing company Uber logs huge annual loss

Ride-hailing company Uber logs huge annual loss

Uber had initially offered to settle the case for $490 million just before the start of the trial Monday, but that agreement didn't provide Waymo with enough assurances that its technology wouldn't be improperly used, according to two people familiar with the thinking of both parties in the lawsuit.

"It looked messy and it was messy", Khosrowshahi said.

Figures from the ride-sharing company showed its losses swelled to $4.5 billion in 2017, compared to $2.8bn in 2016.

As part of the cleanup, Uber last week agreed to pay $245 million to settle the trade secrets case brought by Waymo, the company spawned by a self-driving vehicle project started by Google.

"I thought Travis was terrific", Khosrowshahi said. But the company also posted a substantial loss of $4.5bn.

The settlement and Uber's improving finances indicate that the company is pushing to meet its goal for an initial public offering as soon as next year. In addition, the company last month disclosed that it had suffered a massive data breach affecting 57 million users.

According to The Information, gross bookings for Q4 rose 14pc from Q3, a positive for the first full quarter under former Expedia chief Khosrowshahi's leadership. The company reported negative finance result of 4.5 billion Dollars a year ago after it lost 2.8 billion USD in 2016.

At the same time, Uber is about to raise over 14 billion Dollars in a new round of funding, while last month was completed a deal with the SoftBank, where the Japanese group acquired 17.5% of the technology company.

Those numbers underscore Uber's tenuous position, despite its pioneering role in the ride-hailing industry that enabled it to build a substantial lead over rivals such as Lyft, said Stephen Beck, managing partner of cg42, a management consulting firm. There are few historical precedents for the scale of its loss. "Cars are to us what books are to Amazon", he said. "If you draw that out further, a year from now, this could be a significant IPO waiting to happen", he said.

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