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Uber Technologies loss expanded in 2017

The company for shared travel Uber Technologies reported 61% increase in loss in 2017. The company reported negative finance result of 4.5 billion USD last year after it lost 2.8 billion USD in 2016. Uber Technologies had a painful 2017, but its business has grown. Despite the turbulent 12 months, the sales revenue reached 7.5 billion USD.

Still, in the fourth quarter, which was the first full reporting period under the control of Dara Khosrowshahi as CEO, Uber’s loss shrank to 1.1 billion USD from 1.46 billion USD in the third quarter.

The company’s revenues during this period increased by about 14% to 11.1 billion USD from 9 billion USD reported an year earlier.

Uber has completed the year with about 6 billion USD in cash. That’s 13% less than the previous year. Uber is not obliged to declare its financial results publicly, but in recent months has begun to disclose some of the data.

At the same time, Uber is about to raise over 14 billion USD 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.

Last week, the company said it would pay 245 million USD in shares of Waymo, the Alphabet self-governing unit, to end its litigation in connection with the charge of stealing trade secrets. This will allow Chief Executive Officer Dara Khosrowshahi to close the page at one of the most unpleasant issues in the history of the company.

About Angelina Nieves

Angelina Nieves is 25-year-old girl from Tula, Mississippi, USA. She was appointed as finance analyst and writer at Finance Apprise Journal, responsible for South and Central American economy, as well as African region.

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