Uber loss leapt in 2017 as the final quarter showed some hope


A source familiar with the confidential deal said Uber agreed to a financial settlement giving the Alphabet unit 0.34 percent of Uber shares - which would be some $244 million based on Uber's valuation of $72 billion.

Khosrowshahi began reigning in costs after he took over as Uber chief late a year ago, replacing ousted co-founder Travis Kalanick. Khosrowshahi said that by 2023, he could imagine Uber providing the entire transportation network for a city.

"We strive to be and should be a brand that is as beloved as Amazon and Google", Khosrowshahi said late Wednesday during an appearance at a Goldman Sachs technology conference.

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. The settlement came after four days of trial testimony that included a dramatic appearance by Kalanick, who fended off accusations of orchestrating a elaborate high-tech heist during more than two hours on the witness stand. If the ride-hailing provider were to shed its younger businesses, Uber could become profitable but it would miss out on promising opportunities, he said.

Despite it being a turbulent year Uber, sales reached $7.5 billion. Over the entire 2017, Uber lost $4.5 billion, whereas it was "only" about $2.8 billion in the red a year earlier, though 2016 isn't considered an optimal reference point for evaluating its long-term performance because the majority of its losses incurred over that year was amortized by the sale of its China business to local rival Didi Chuxing.

Uber has gone through a lot of changes over the past year, including a new CEO.

According to the Everett Police Department, the 18-year-old's grandmother called 911 Tuesday morning after finding a journal with detailed plans to shoot his classmates and believed the threats to shoot students at the school were credible.

Uber said it lost $1.1 billion in the fourth quarter of 2017, with revenue of $11.05 billion. Uber also said its USA ride-hailing market share fell from 82 percent at the start of previous year to 70 percent in the fourth quarter.

Khosrowshahi called the suit "a personal affront" to Uber scientists because it "put their really good work under a question mark". What remains to be seen is how we'll all fare when and if Uber holds the defacto monopoly on ride sharing. The Uber - Waymo lawsuit is one of those scandals the company got embroiled in due to Kalanick's contentious behavior. He he joined Uber, he said, because it was a verb.