Uber revenue rises, but it posts $4.5 billion loss

18 February, 2018, 07:09 | Author: Shannon Aguilar
  • Khosrowshahi outlined some big ambitions

While the losses are significant, the results still are positive for Uber with revenue rising and losses falling in three of four quarters in 2017, said Rohit Kulkarni, managing director of SharesPost, a research group focused on privately held companies. The value of the merged entity was then estimated at around $35 billion, with Uber receiving an equity payment equivalent to the fifth of the combined company.

Uber is probably really happy to leave 2017 behind. That's an improvement over the $1.46 billion loss recorded in the previous quarter (with revenue of $9.7 billion), but Uber still hasn't attained profitability. It was the first full quarter under Dara Khosrowshahi, who took over the troubled business in September. However, the ride-hailing business posted a loss of $4.5 billion.

Uber considers adjusted earnings before taxes as a better indicator of its financial performance.

The most recent financial report shows the business continues to grow revenue, while its makes progress on cutting losses. The San Francisco-based company has raised approximately $19 billion in funding and has a blended valuation of $54 billion, making it the biggest venture-backed technology enterprise without a stock listing. Uber agreed to give Waymo stock valued at $245 million to settle the suit last week. Uber concluded the year with about $6 billion in cash, 13 percent less than the year before.

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"It fits into this larger vision, we think, that there can be multiple modes of transportation that can be made available through the Uber app", he said.

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.

RIDE-SHARE titan Uber revealed that its losses past year swelled despite signs in the final three months that it was stemming the red ink.

The investment served as a part of the firm's plan to reform its board structure, as it prepares to go public next year. Khosrowshahi detailed them on a conference call with investors Tuesday, and the company disclosed some data to a website called The Information.

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