Uber Reduced Its Deficit But Still Lost $1.1B In Q4 2017

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Uber CEO Dara Khosrowshahi, whose company just stared down that same question late previous year as it negotiated a high-stakes deal with the $100 billion fund, gave voice to that intellectual exercise today as he offered an overview of his business to Goldman Sachs clients and investors.

The full-year loss grew from $2.8 billion in 2016, but that year was skewed by a gain from the sale of Uber's business in China.

Sources with knowledge of the matter said that Uber's fourth-quarter loss dropped to $1.1 billion from $1.46 billion in the third quarter.

The last one year has been tumultuous for Uber, with the scandal after scandal finally leading to the expulsion of co-founder and CEO Travis Kalanick. But he said the deal was intended mostly to remove the distraction and allow the company to focus more on its core business. The numbers show that Uber under Khosrowshahi is on a path toward profitability and a sustainable economic model, Kulkarni said.

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. "If you draw that out further, a year from now, this could be a significant IPO waiting to happen", he said. On an adjusted basis, excluding stock-based compensation, legal costs, taxes and depreciation, the company lost $US2.2 billion for the full year. This ride-hailing company Uber has suffered allegations and fines from different regulatory authorities for misleading them and hiding information which was supposed to be disclosed voluntarily by the organization. But The Wall Street Journal, which reviewed the company's figures, reported Uber increased sales by at least 10 percent every quarter in 2017.

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When he complained, Uber refused to see that there had been a mistake.

The ride-hailing service provider is now spending less on customer support and advertising, though the former unit is still understood to be performing in accordance with the company's expectations, i.e.it's effectively managing to do more with less.

It was just last week that Uber agreed to pay its Google-owned autonomous vehicle rival, Waymo, $245m worth of its own shares in the settlement of a trade-secrets legal battle.

Uber has gone on to raise more than $14 billion in new funding and last month closed a deal with SoftBank in which the Japanese conglomerate, along with other investors, took about a 17.5 percent stake in the company.

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