Thursday, 18 July, 2019

Uber's loss jumped 61 pc to $four.5 billion in 2017

Uber's loss jumped 61 pc to $four.5 billion in 2017 Uber's loss jumped 61 pc to $four.5 billion in 2017
Emmett Howard | 15 February, 2018, 12:51

Uber Technologies Inc. suffered through a hard 2017, but its business was able to grow nevertheless.

Quarterly revenue on the other hand, was up 11.8 percent from $2 billion to $2.2 billion. Meanwhile, the total value of fares grew to $11 billion that quarter.

Sources with knowledge of the matter said that Uber's fourth-quarter loss dropped to $1.1 billion from $1.46 billion in the third quarter.

Despite it being a turbulent year Uber, sales reached $7.5 billion. But the company also posted a substantial loss of $4.5bn. There are few historical precedents for the scale of its loss.

Uber disclosed its quarterly results less than a week after it settled a trade secrets lawsuit with Waymo, the self-driving auto unit of Google's parent company, Alphabet. Last month, SoftBank Group led a $9.3 billion investment deal to make itself largest shareholder in the San Francisco-based company.

The latest financial report shows the company continues to increase its revenue while making progress on cutting its loss.

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Freeport-McMoRan Inc. (FCX)
The returns on assets were 2.70% that gives an idea about how efficient management is at using its assets to generate earnings. According to their observations and findings, the stock could provide a high EPS of $0.72/share and a low EPS of $0.37/share.

The payment, to be made in Uber's stock, is a fraction of the almost $2 billion in damages that a Waymo expert had estimated Uber's alleged theft had caused. On an adjusted basis, excluding stock-based compensation, legal costs, taxes and depreciation, the company lost $2.2 billion for the full year.

Bloomberg notes Uber ended 2017 with about $6 billion in cash on hand, 13 percent less than the year earlier.

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

On Wednesday the Uber CEO will speak at a technology conference hosted by Goldman Sachs in San Francisco.

Uber, a private company, doesn't have to publicly disclose earnings. 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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