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Uber's net loss increases in 2017

15 February 2018

The quarterly figures come less than a week after Uber settled what could have been a very expensive lawsuit brought by Waymo. Meanwhile, the total value of fares grew to $11bn that quarter.

He also landed in the midst of a court battle that pitted Uber against a Google spinoff alleging that the ride-hailing service had conspired to steal its self-driving auto technology while Kalanick was running things.

After only five months on the job, Dara Khosrowshahi, Uber's new CEO, gave a frank assessment of his tenure that has largely been spent cleaning up after his predecessor, Uber founder Travis Kalanick. During the past one year, there were lots of controversies associated with this ride-hailing company creating a negative impression and rising difficulty for them. There are few historical precedents for the scale of its loss. This ride-hailing company Uber has suffered allegations and fines from different regulatory authorities for misleading them and hiding information which was supposed to be disclosed voluntarily by the organization. The Japanese firm is betting that more people will choose to book rides through an app instead of driving themselves and that the business will find a way to make up for losses today.

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For the fourth quarter, Uber's net loss was $1.1 billion, down from $1.46 billion it lost in the third quarter. These record levels just showed that Uber continues to raise its sales, while making an impact on its loss. Uber also said its US ride-hailing market share fell from 82 percent at the start of a year ago to 70 percent in the fourth quarter.

Thanks to the negotiation, Uber now only pays $245 million worth of equities to Google. But he said the deal was intended mostly to remove the distraction and allow the company to focus more on its core business. Waymo was looking for $1.86 billion in damages in this lawsuit as well as a court order that would prohibit Uber from using the disputed technology.

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

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Khosrowshahi spoke with investors on a conference call Tuesday afternoon.

Uber concluded its full year with cash of approximately $6 billion, which is 13% less than it had ending the previous year.

A person briefed on the results provided some numbers and confirmed the accuracy of The Information's story to The Associated Press on Wednesday.

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Uber's net loss increases in 2017