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.
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