Uber Technologies loss expanded in 2017

Uber app

At the same time, total value for fares increase to more than $11 billion for the same quarter. It was the first full quarter under Dara Khosrowshahi, who took over the troubled business in September. Adjusted net revenue came up to $2.22 billion, a 61 percent increase from the same period the year before. Losses in the last three months of 2017 dropped to $1.1 billion (£795 million) from $1.46 billion a year earlier.

As part of the cleanup, Uber last week agreed to pay $245 million to settle the trade secrets case brought by Waymo, the company spawned by a self-driving vehicle project started by Google.

Last month, Japan's SoftBank Group Corp. This attitude is clearly visible in the previous business practices and approaches adopted by the ride-hailing company since its introduction in the U.S. and other potential markets. Meanwhile the amount Uber spent on customer support, sales and marketing reportedly decreased at the end of 2017. Less than a week into the trial, Uber agreed to give Alphabet shares worth $245 million along with words of "regret" that stopped short of admitting guilt.

Uber prefers to use a different number to refer to its loss: $2.2 billion. All said and done, Uber ended the year with around $6 billion in cash, 13 percent lower than 2016.

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

However, Uber lost $1.1 billion in the final quarter of 2017 as compared with $1.46 billion in the preceeding quarter as revenue rose.

The job is proving to be even more hard than Khosrowshahi anticipated five months ago after Uber lured him away from online travel agency Expedia to replace its embattled co-founder, Travis Kalanick, as CEO. It's been two days for the courtroom war and allegations fight happening between Waymo and Uber and the portrayal of the ride-hailing company is more or less of a greedy and aggressive company who would do anything to win the race including unethical practices like stealing the trade secrets from their competitors.

Uber lost billions in China before selling its business there in 2016 in exchange for a 17.5 percent stake in homegrown rival Didi Chuxing.

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