Pummeled by scandal, Uber hit with $4.46B in losses during 2017
Pummeled by scandal, Uber hit with $4.46B in losses during 2017
Uber Is Still Losing Carloads Of Money
16 February, 2018, 02:36
Full-year net loss of Uber has expanded to USD4.5 billion last year, as it went through fierce year with several scandals, a lawsuit alleging the theft of trade secrets and the replacement of its CEO.
The job is proving to be even more hard than Khosrowshahi anticipated five months ago after Uber lured him away from online travel agency Expedia to replace its embattled co-founder, Travis Kalanick, as CEO.
He said that it's Uber's commitment to "developing" markets that are dragging things down, but he views that as an "optional investment".
"Rather than having their capital cannon facing me, I'd rather have their capital cannon behind me", Khosrowshahi said of the Japanese telecommunications provider and tech investor.
To make matters worse, Khosrowshahi discovered that Uber had covered up a computer break-in that stole personal information about millions of riders and drivers. This was 13 percent short from last year's $6.9 billion.
Uber lost $4.5 billion previous year, but CEO Dara Khosrowshahi said he's not anxious.
Meanwhile, the ride-hailing company's quarterly revenue rose 11.8 percent to $2.2 billion from its previous quarter, the source said., it's up 61% compared to 2016.
In its recently released report for the fourth quarter, Uber revealed that it has actually managed to reduce its quarterly losses and move a step closer to profitability.
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.
A person briefed on the results provided some numbers and confirmed the accuracy of The Information's story to The Associated Press on Wednesday.
This is Khosrowshahi's first full quarter since becoming Uber's head. Khosrowshahi now has one less scandal to deal clearing the way to IPO without hurting Uber's self-driving vehicle development. Khosrowshahi said that by 2023, he could imagine Uber providing the entire transportation network for a city. Uber is "happy to put it behind us", 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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