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Uber bookings up, losses down in fourth quarter

15 February 2018

Losses at the ride-sharing company Uber widened by 61 per cent to $4.5 billion previous year but narrowed in the final quarter in a boost for its new chief executive.

In a sign that the negative publicity surrounding its problems alienated many consumers, Uber's share of the ride-hailing market in the US fell from 82 percent at the start of previous year to 70 percent in the fourth quarter.

Adjusted net revenue last quarter increased 61 per cent to $2.22 billion from the same period in 2016. There are few historical precedents for the scale of its loss. By comparison, Uber reportedly lost $1.46 billion during the third quarter.

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Quarterly revenue on the other hand, was up 11.8 percent from $2 billion to $2.2 billion.

Despite it being a turbulent year Uber, sales reached $7.5 billion.

Fourth-quarter bookings rose by 14 percent to $11.1 billion.

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Uber disclosed its quarterly results less than a week after it settled a trade secrets lawsuit with Waymo, the self-driving vehicle unit of Google's parent company, Alphabet.

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.

The investment served as a part of the firm's plan to reform its board structure, as it prepares to go public next year. Former CEO Travis Kalanick was forced to step down in June amid a shareholder revolt that followed a series of scandals. 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 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.

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Uber Technologies had a painful 2017, but the business managed to grow. The position has been empty for many years now.

Uber bookings up, losses down in fourth quarter