Uber Lost $1.1 Billion Last Quarter. That’s a Big Improvement
Wed Feb 14 2018
Lucy Harlow (3220 articles)

Uber Lost $1.1 Billion Last Quarter. That’s a Big Improvement

Things may be starting to look up for ride-hailing app Uber after a tumultuous 2017.

During the fourth quarter, the company posted a loss of $ 1.1 billion, down from $ 1.46 billion in losses in the third quarter, according to figures first published by The Information Tuesday.

Read: Uber’s Waymo Settlement Seen as a Win for New CEO

Uber’s revenue for the quarter also grew to about $ 11.1 billion, up from $ 9 billion—a not insignificant accomplishment for CEO Dara Khosrowshahi in his first full quarter leading the company.

The full year picture is less bright. Uber lost $ 4.5 billion in 2017, up from $ 2.8 billion the year before, or a 61% increase in losses, according to figures confirmed by CNBC.

Read: Uber Is Setting New Limits to Help Prevent Accidents From Drowsy Driving

Despite this, Uber appears poised to move forward, putting a string of scandals and the departure of CEO Travis Kalanick behind it. The company last week reached a settlement with self-driving company Waymo over trade secrets. And last month, Uber raised $ 14 billion in funding in a deal with SoftBank and other investors.

Lucy Harlow

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe