Uber's net loss increases in 2017


Uber's net loss increases in 2017

Uber had faced accusations from Waymo, a self-driving auto company owned by Google's parent company Alphabet, of stealing purported trade secrets relating to autonomous vehicle technology.

Uber might have its origins in taxis, but, just like Amazon started off selling books before expanding into electronics and grocery stores, could now be looking to expand into other forms of transport - including the humble bicycle. Uber's bookings and revenue have both grown over the course of the last nine months, as we can see on this chart by Statista.

The European Union's top court dealt a major setback to Uber's plans for expansion across the Continent when it ruled that EU nations could regulate it as a taxi company.

Bloomberg notes Uber ended 2017 with about $6 billion in cash on hand, 13 percent less than the year earlier. The person didn't want to be identified because Uber remains a private company.

San Francisco-based Uber Technologies Inc.'s results are hard to report because only pieces are released. Anthony Levandowski and Travis Kalanick are suspected to be involved in this act of stealing the information from Waymo.

Khosrowshahi has grand visions for the future, stating that he hopes Uber will get people to stop buying cars.

According to Fortune, this settlement was negotiated by Kalanick's successor Dara Khosrowshahi, and, while not exactly a win, is definitely the next best option.

Ride-sharing firm Uber Technologies Inc. on Wednesday showed financial growth in the fourth quarter, with losses coming in less than the previous quarter.

Uber prefers to use a different number to refer to its loss: $2.2bn.

A week into the trial, Uber agreed to settle the case offering $245 million in equity. The settlement also means that Uber no longer as to admit to guilt on any matter. By reaching this settlement with Google, he has actually opened avenues to future collaborations between the two companies.

Past year was a particularly bad one for Uber with its reputation tarnished by the company's acknowledgement of rampant sexual harassment within its ranks, a yearlong cover-up of a major computer break-in, and the use of duplicitous software to thwart government regulators.

"It [bike-sharing] fits into this larger vision, we think, that there can be multiple modes of transportation that can be made available through the Uber app", Salzburg told TechCrunch in January.