Uber Reduced Its Deficit But Still Lost $1.1B In Q4 2017

Bloomberg notes Uber ended 2017 with about $6 billion in cash on hand, 13 percent less than the year earlier. The fact that Uber's revenue has continued to grow despite an expanding list of setbacks and scandals a year ago may suggest that the company hasn't been significantly impacted overall.

Uber has booked massive full-year losses, a technology site has reported.

Gross revenue for Q4 sits at close to $11.1bn, an increase of close to $1.4bn over Q3 of 2017 and almost double that of the final quarter of 2016, which saw the company report $6.9bn in revenue.

"I want you to be able to take an Uber and get into the subway... get out and have an Uber waiting for you", Khosrowshahi said during his speech. The annual loss was much bigger than the $2.8 billion in the red in 2016.

Uber considers adjusted earnings before taxes as a better indicator of its financial performance rather than net earnings based on Generally Accepted Accounting Principles, which include losses for accounting purposes.

However, the company still lost 61 percent to $4.5 billion for all of 2017, more than the $2.8 billion in 2016.

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Now that the dust has somewhat settled after 2017, Uber has publicised some of its financial information for Q4 and the year overall. The firm, based in Japan, has bet that more people will decide to book rides through Uber's app rather than drive themselves and the business would find a way to recover from the losses of today.

In its recently released report for the fourth quarter, Uber revealed that it has actually managed to reduce its quarterly losses and move a step closer to profitability.

Uber's losses widened previous year, despite signs that it was pulling back from the brink in the final three months.

Uber agreed to pay $245 million worth of its own shares to Alphabet's Waymo self-driving vehicle unit to settle the legal dispute.

When Dara Khosrowshahi was announced as the replacement for ousted Uber CEO Travis Kalanick, he looked set to inherit a company in major turmoil.

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