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.
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.
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.