Uber's fourth-quarter loss narrows to $1.1 billion


By comparison, Uber reportedly lost $1.46 billion during the third quarter.

The company released its numbers with Information the tech news site after Khosrowshahi had spoked with investors and confirmed the numbers to other media agencies, The Uber CEO said that UberEats reached gross revenues of $4 billion for the fourth quarter, which represents 10% of the entire Uber business. Revenue during that stretched climbed about 14 percent to $11.1 billion from $9 billion. There are few historical precedents for the scale of its loss.

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

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. But how well Uber's stock fares on Wall Street will likely be tied to whether the company proves it can make money - something it isn't close to doing now.

Uber also said it has roughly $6 billion in cash - including $1.4 billion in money set aside for potential insurance claims - at the end of 2017, compared with $6.9 billion in cash at the end of 2016.After years of losing money, Uber is inching toward profitability.

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The settlement and Uber's improving finances indicate that the company is pushing to meet its goal for an initial public offering as soon as next year.

It was a hard year for the San Francisco-based firm.

At the same time, Uber is about to raise over 14 billion United States dollars 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.

The changes included selling Uber's unprofitable car-leasing business and appointing a chief operating officer, who is required to cut costs and establish more standardization across 80 countries that the firm operates in.

Dara Khosrowshahi took over from the ousted co-founder Travis Kalanick five months ago. The position has been empty for many years now.