Tuesday, 25 September, 2018

Uber quarterly revenue rises to $2.2bn despite turbulent year

Uber's fourth-quarter loss narrows to $1.1 billion source Uber's fourth-quarter loss narrows to $1.1 billion source
Lindsey Cook | 18 February, 2018, 07:08

The results also showed that Uber cut its fourth-quarter net loss by 25 percent from the third quarter as its new CEO moves to make the company profitable before a planned public stock sale sometime next year.

While sales were at $7.5bn for the year (a 61pc increase), losses were at $4.5bn compared to $2.8bn in 2016, despite signs of recovery in the final three months of last year.

The ride-hailing company's quarterly revenue rose 11.8 percent to $2.2 billion from its previous quarter, the source said. Khosrowshahi said today at Goldman's tech conference. 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. Last week, Uber's settled its trade-secrets fight with Alphabet Inc.'s self-driving vehicle unit, Waymo.

In his appearance, Khosrowshahi said Uber could quickly reverse its losses by retreating from less-developed markets outside the USA and reducing the money it pours into expensive projects like its work on self-driving cars. 'If you draw that out further, a year from now, this could be a significant IPO waiting to happen, ' he said. 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. On an adjusted basis, excluding stock-based compensation, legal costs, taxes and depreciation, the company lost $US2.2 billion for the full year.

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

Waymo filed its lawsuit almost a year ago, adding to Uber's woes with allegations of a bold hi-tech heist orchestrated by its former CEO, Travis Kalanick, and a former Google engineer.

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.

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.

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