Uber records a massive loss of $4.46 billion in 2017; the good news is that UberEats and overall revenue is picking up

tech2 News StaffFeb 15, 2018 17:03:27 IST

Uber lost an average of $1.1 billion a quarter in 2017, with total losses for the year amounting to $4.46 billion.

Representational image: Reuters

These figures have been gleaned from a “privately held financial statement”, reports ArsTechnica. The good news for Uber, according to Bloomberg, is that its business actually grew last year. According to Bloomberg, the growth in revenue is a good sign, as is the fact that the company is continuing to cut expenses.

A significant chunk of the losses in 2017 come from the Uber-Waymo trial, which was abruptly cut short when both companies reached a settlement wherein Uber handed over $245 million in stock to Waymo.

The ride-hailing company is privately funded. With its $9.3 billion stake, Japanese firm SoftBank is the largest investor.

Bloomberg notes that Uber only claims $2.2 billion in losses for 2017 as the company is choosing to ignore legal costs, taxes, interest, and several other expenses.

Uber also told Bloomberg that UberEats contributes to 10 percent of Uber’s revenue. The report also speculates that Uber will be taken public next year.