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


The company had previously reported third-quarter net loss of $1.46 billion on net revenue of $2 billion.

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.

Waymo and Uber last week announced a settlement in a blockbuster lawsuit over allegedly stolen trade secrets from the former Google self-driving vehicle project.

Net revenue grew to $2.22 billion from $1.38 billion in the same quarter-over-quarter comparison. Revenue during that stretched climbed about 14 percent to $11.1 billion from $9 billion. 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.

Despite a turbulent year for the ride-hailing company, sales were $7.5bn.

The ride-hailing firm ended 2017 with about $6 billion in cash, including $1.4 billion money set aside for potential insurance claims. That's 13% less than the previous year.

This is Khosrowshahi's first full quarter since becoming Uber's head.

Uber isn't yet a public company, so it isn't required to publicly disclose its finances.

At the same time, Uber is about to raise over 14 billion United States 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. Although he says he is pleased with the company's progress so far, Khosrowshahi cautioned that the San Francisco company still has a long way to go to win back the trust of its consumers and drivers. Former CEO Travis Kalanick was forced to step down in June amid a shareholder revolt that followed a series of scandals.

Mr Khosrowshahi began reigning in costs after he took over as Uber chief late previous year, replacing ousted co-founder Travis Kalanick.

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. The position has been empty for many years now.