Quarterly Sales at Uber Rose by 61% Amidst Big Loss

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The company's revenues during this period increased by about 14% to 11.1 billion United States dollars from 9 billion USD reported an year earlier.

According to The Information, gross bookings for Q4 rose 14pc from Q3, a positive for the first full quarter under former Expedia chief Khosrowshahi's leadership. Sales continued to grow to $7.5 billion for the year, a 61 per cent increase.

The losses are because of commonly accepted accounting practices, such as write-downs, as well as a costly year in terms of legal fees.

When Dara Khosrowshahi was announced as the replacement for ousted Uber CEO Travis Kalanick, he looked set to inherit a company in major turmoil. Uber wants to dominate ride sharing at all costs and, thanks to brand dominance and heavy investments from places such as Softbank, which handed over $US1.25 billion ($1.6 billion) in January, Uber is well on its way. While Uber is still on the path of massive growth, the main reason why its revenue now continues to outpace its losses lies in the firm's aggressive cost-cutting efforts spanning various departments; in Q4 2017, its core operating expenses excluding one-time costs amounted to 15.6-percent of its gross revenue whereas almost a quarter of its Q4 2016 revenue went directly into settling such expenses.

Waymo and Uber last week announced a settlement in a blockbuster lawsuit over allegedly stolen trade secrets from the former Google self-driving vehicle project.

Thanks to the negotiation, Uber now only pays $245 million worth of equities to Google.

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Uber prefers to use a different number to refer to its loss: $2.2 billion.

Uber has completed the year with about 6 billion Dollars in cash.

Everett police said that a woman called 911 at about 9:30 a.m. Tuesday to report what she believed were credible threats by her grandson to shoot students ACES High School, where he is a student.

A person briefed on the results provided some numbers and confirmed the accuracy of The Information's story to The Associated Press on Wednesday. The results released earlier this week showed Uber pared its fourth-quarter loss by 25 percent from the third quarter, a modestly encouraging sign.

While revenue saw a boost, Uber lost an estimated 12 points of market share over the course of previous year to Lyft.

Khosrowshahi comment echo those of Uber's head of transportation policy and research Andrew Salzberg, who said that the company was simply looking to help its customers get from A to B as quickly as possible.

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