Uber's fourth-quarter loss narrows to US$1.1 billion: source

Uber's fourth-quarter loss narrows to US$1.1 billion: source

Uber Technologies Inc narrowed its fourth-quarter loss to US$1.1 billion from a loss of US$1.46 billion in the previous quarter, a person familiar with the matter told Reuters.

Uber's logo is pictured at its office in Tokyo
FILE PHOTO: Uber's logo is pictured at its office in Tokyo, Japan, November 27, 2017. REUTERS/Kim Kyung-Hoon

REUTERS: Uber Technologies Inc narrowed its fourth-quarter loss to US$1.1 billion from a loss of US$1.46 billion in the previous quarter, a person familiar with the matter told Reuters.

The ride-hailing company's quarterly revenue rose 11.8 percent to US$2.2 billion from its previous quarter, the source said.

Uber has gone on to raise more than US$14 billion in new funding and last month closed a deal with SoftBank Group Corp in which the Japanese conglomerate, along with other investors, took about a 17.5 percent stake in the company.

Silicon Valley-based Uber's quarterly gross bookings rose 14 percent to US$11.1 billion from the third quarter, the person said.

The company had previously reported third-quarter net loss of US$1.46 billion on net revenue of US$2 billion. Uber had gross bookings of US$9.7 billion in the previous quarter.

Uber said last week that it would pay US$245 million worth of its own shares to Alphabet Inc's Waymo self-driving vehicle unit to settle a legal dispute over trade secrets, allowing Uber's chief executive to move past one of the company's most bruising public controversies.

(Reporting by Abinaya Vijayaraghavan in Bengaluru)

Source: Reuters

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