Uber CEO warns of Amazon-style losses

FSMNews

Ride-hailing giant Uber's full-year net loss widened to $US4.5 billion ($5.7 million) in 2017 as the company endured a tumultuous year that included multiple scandals, a lawsuit alleging the theft of trade secrets and the replacement of its chief executive.

Comparisons with 2016 were also affected by the sale that year of its business in China resulting in a substantial gain.

Uber CEO Dara Khosrowshahi says he believes the ride-hailing service can still become a beloved brand despite a wave of damaging revelations about its treatment of employees, drivers, regulators and rivals.

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. Khosrowshahi said on the investor call that UberEats had reached a $4 billion gross revenue run-rate in the fourth quarter, which means food delivery will represent about 10 percent of Uber's business. This attitude is clearly visible in the previous business practices and approaches adopted by the ride-hailing company since its introduction in the U.S. and other potential markets. 'If you draw that out further, a year from now, this could be a significant IPO waiting to happen, ' he said.

Uber considers adjusted earnings before taxes as a better indicator of its financial performance.

CEO Travis Kalanick was ousted in June and replaced by Khosrowshahi in August.

San Francisco-based Uber Technologies Inc.'s results are hard to report because only pieces are released. The fact that Uber's revenue has continued to grow despite an expanding list of setbacks and scandals previous year may suggest that the company hasn't been significantly impacted overall.

Uber is paying $245 million to Google's self-driving auto spin-off to end a legal brawl that aired out allegations of a sinister scheme that tore apart the once-friendly companies. Less than a week into the trial, Uber agreed to give Alphabet shares worth $245 million along with words of "regret" that stopped short of admitting guilt. Later, Levandowski sold that company to Uber and allegedly handed those purloined documents over to the new owners to help with their own autonomous vehicle ambitions.

Related news:

Hot News

isis-killer-beheading-video-story-top Apple employees keep running into glass at its new headquarters
Feb 18, 2018 - 07:08
According to Bloomberg , employees are so distracted that they keep running into the glass walls because they never even see them. Inside, work spaces known as "pods" also have glass walls and doors created to foster a culture of openness.

isis-killer-beheading-video-story-top South Africa's EFF says will boycott election of new president
Feb 18, 2018 - 07:03
It was scheduled for 11:00 to give Zuma a chance to deliver his expected resignation address, which should have happened at 10:00. The EFF again protested as the Speaker of Parliament refused to allow their motion to debate the dissolution of Parliament.

isis-killer-beheading-video-story-top Chief of Staff Kelly overhauls White House clearance procedure
Feb 18, 2018 - 06:47
Kushner's ability to continue to do the very important work he has been assigned by the President", he added. Lowell also said Kushner "has done more than what is expected of him in this process".

isis-killer-beheading-video-story-top Rivalry Renewed: USA vs. Canada
Feb 17, 2018 - 01:40
The level of chippiness that was displayed at the Kwandong Hockey Centre though, gave the game a gold medal matchup type feel. In the 2010 Vancouver Games, the Canadians used a pair of goals by Marie-Philip Poulin to beat the USA 2-0.

isis-killer-beheading-video-story-top Turkey's Erdogan conveyed expectations on Syria to Tillerson
Feb 17, 2018 - 01:39
On Jan. 20, the Turkish Armed Forces, together with the Free Syrian Army, launched the Operation Olive Branch in Afrin, Syria. Washington has backed the YPG in the fight against Islamic State in Syria .

isis-killer-beheading-video-story-top FCC Chair Under Investigation By Own Agency, Says Report
Feb 17, 2018 - 01:38
The FCC officials told the aides that they would open an investigation, according to four people with knowledge of the meetings. Both Sinclair and the FCC have declined to comment on the current investigation but called the original allegations "baseless".

isis-killer-beheading-video-story-top Local residents, organizations respond to "food box" proposal
Feb 17, 2018 - 01:23
USDA would likely not change that requirement but could grant states waivers to impose stricter requirements at the state level. This week she published a very interesting story titled " How President's Food Stamp Cuts Would Impact Military Families ".

isis-killer-beheading-video-story-top This Top Apple Supplier Could Lose in Upcoming iPhones
Feb 17, 2018 - 01:23
Opening a message containing the character is enough to crash Apple's system that manages the home screen, called iOS Springboard. Update: Apple said it'll fix this iOS 11 glitch, so prepare for another software update between now and iOS 11 .3.

isis-killer-beheading-video-story-top Amy Schumer And Chris Fischer Get Married In Secret Before Valentine's Day!
Feb 17, 2018 - 01:19
Fashion.ie features Fashion news, Irish fashion news, entertainment news, Celebrity news, Online shopping and Irish fashion. Schumer also shared several photos on Instagram Stories, captioning the posts with her wedding date, February 13.

isis-killer-beheading-video-story-top Woman in India 'marries' twice posing as man to get dowry
Feb 17, 2018 - 01:16
According to the police, she told the Uttarakhand woman, known as Kamini, that she was the son of a businessman from Aligarh. In an interrogation with police, the accused revealed that she has been a tomboy since childhood and pretended to be a boy.

isis-killer-beheading-video-story-top Apple HomePod Owners, Beware: The Smart Speaker May Damage Wooden Furniture
Feb 16, 2018 - 07:03
The silicone pad on the bottom of Apple's expensive new smart speaker is leaving unsightly white rings on wooden surfaces. The tech giant adds that the marks should disappear "after several days" or after they've been wiped with a cloth.

isis-killer-beheading-video-story-top PNB scam: CBI seals Worli residence of Nirav Modi's wife
Feb 16, 2018 - 07:02
On January 3 , 2018, the bank got to know that two staffers were involved in unauthorised transactions. The Congress is trying to degrade the prime minister just because Nirav Modi holds the same surname.

isis-killer-beheading-video-story-top Bengals' AJ McCarron wins grievance, will become free agent
Feb 16, 2018 - 07:02
The team put him on that list again on August 30, 2014, which meant he would miss at least the first six games of the season. With regards to his new-found free agency, McCarron called it a "blessing", while saying he'd be "open to everything".

isis-killer-beheading-video-story-top Pakistan amends anti-terror law ahead of key Paris meet
Feb 16, 2018 - 07:01
Ordinance, 2018 that enables the government to impose a ban on the entities banned by the United Nations Security Council (UNSC). From now on, Hafiz Saeed is a terrorist and JuD is a terror organisation on Pakistani soil.

isis-killer-beheading-video-story-top Amazon Echo To Make Synchronised Smart Homes Across 20 Cities In India
Feb 16, 2018 - 07:01
Your Voice allows user-specific features across calling, messaging, calendar, music, shopping and Alexa's Flash Briefing. For those buying the Amazon Echo Plus online and at select retail outlets, Amazon is offering a Philips Hue bulb free.