Uber Technologies loss expanded in 2017

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Ride-hailing company Uber lost $4.5 billion (€3.64 billion) previous year, technology site The Information reported late Tuesday.

Fourth-quarter bookings rose by 14 percent to $11.1 billion. Few historical precedents exist for the scale of Uber's loss.

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

Last week, the company said it would pay 245 million United States dollars in shares of Waymo, the Alphabet self-governing unit, to end its litigation in connection with the charge of stealing trade secrets. Uber had initially offered to settle the case for $490 million just before the start of the trial Monday, but that agreement didn't provide Waymo with enough assurances that its technology wouldn't be improperly used, according to two people familiar with the thinking of both parties in the lawsuit.

Bloomberg notes Uber ended 2017 with about $6 billion in cash on hand, 13 percent less than the year earlier.

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Alphabet and other investors stand to reap big gains on their stakes if Uber files for an initial public offering of stock next year, as Khosrowshahi plans.

"We're incredibly encouraged by our financial performance and excited by our long-term potential to serve riders, drivers, and cities", said Matt Kallman, an Uber spokesman. Uber is not obliged to declare its financial results publicly, but in recent months has begun to disclose some of the data.

It was a hard year for the San Francisco-based firm. It was the first complete quarter with Dara Khosrowshahi at the helm, who took the reins of the troubled company during September of 2017.

Uber cut its losses in the past quarter, despite a rough year of executive turmoil and scandal.

Uber is paying $245 million to Google's self-driving auto spin-off to end a legal brawl that aired out allegations of a sinister scheme that tore apart the once-friendly companies. He also landed in the midst of a court battle that pitted Uber against a Google (GOOG) spinoff alleging that the ride-hailing service had conspired to steal its self-driving vehicle technology while Kalanick was running things.

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