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Uber’s Annual Loss Jumps 60%
Ride-hailing service Uber Technologies Inc. trimmed its fourth-quarter operating loss roughly 40% to $607 million, as net revenue climbed 50% to about $2.2 billion.
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Ride-hailing service Uber Technologies Inc. trimmed its fourth-quarter operating loss roughly 40% to $607 million, as net revenue climbed 50% to about $2.2 billion.
The privately held company’s full-year loss in 2017 surged to $4.5 billion from $2.8 billion. Revenue jumped 85% to $37 billion, aided by the sale of Uber’s China operations to Beijing-based rival DiDi Chuxing Technology Co. in August 2016.
Uber divulged some but not all financial details about its performance to investors and The Information, a website dedicated to Silicon Valley business news. The partial disclosure makes it difficult to compare year-on-year results.
CEO Dar Khosrowshahi has said he aims to deliver an operating profit as early as next year. But Uber’s fortunes last year were pummeled by investigations, lawsuits and scandals involving its corporate culture and business practices.
Most of the controversy swirled around CEO Travis Kalanick, who was forced out by Uber’s board in June. Khosrowshahi succeeded him in August.
Uber’s management believes the company’s U.S. market share has stabilized after dropping from 82% at the beginning of 2017 to 70% by the end of the year.
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