Rough ride for Uber in 2017 as losses widen to $4.5bn

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Uber lost billions in China before selling its business there in 2016 in exchange for a 17.5 percent stake in homegrown rival Didi Chuxing.

In a sign that the negative publicity surrounding its problems alienated many consumers, Uber's share of the ride-hailing market in the US fell from 82 percent at the start of a year ago to 70 percent in the fourth quarter.

The numbers show that Uber under Mr Khosrowshahi is on a path toward profitability and a sustainable economic model, Mr Kulkarni said.

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. The surprise settlement announced Friday came as lawyers for Uber and Waymo, a company hatched from Google, prepared to wrap up the first week of a trial that had attracted worldwide attention.

"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 rather than net earnings based on Generally Accepted Accounting Principles, which include losses for accounting purposes.

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San Francisco-based Uber Technologies' results are hard to report because only pieces are released.

Khosrowshahi has to completely change the culture of Uber, and he wants to make the company profitable before it goes public.

While cities ran into problems with bikes getting hacked and left in random places around the city, Andrew Salzberg, Uber's head of transportation policy and research, told TechCrunch last month that the company had eyed biking for a while.

Uber founder Travis Kalanick wasn't ready to take Uber public under his watch, but new CEO Dara Khosrowshahi wants a public offering as soon as possible. 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. Khosrowshahi detailed them on a conference call with investors Tuesday, and the company disclosed some data to a website called The Information.

Uber is looking to partner with autonomous-vehicle companies, the CEO said, adding that the company is prepared to slowly integrate autonomous vehicles in its network filled with human drivers.

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