Uber Technologies Inc. suffered through a difficult 2017, but its business was able to grow nevertheless. Uber’s adjusted net revenue for its just ended quarter grew 61% to end the three-month period at $2.22 billion compared to the same period one year earlier.
At the same time, total value for fares increase to more than $11 billion for the same quarter. It was the first complete quarter with Dara Khosrowshahi at the helm, who took the reins of the troubled company during September of 2017.
Despite it being a turbulent year Uber, sales reached $7.5 billion. However, the ride-hailing business posted a loss of $4.5 billion. Few historical precedents exist for the scale of Uber’s loss.
Uber is not traded publicly, but chose to release limited financial information to investors as well as the public during recent quarters.
In January, SoftBank Group led an investment deal worth $9.3 billion to make it the largest Uber shareholder. The firm, based in Japan, has bet that more people will decide to book rides through Uber’s app rather than drive themselves and the business would find a way to recover from the losses of today.
The most recent financial report shows the business continues to grow revenue, while its makes progress on cutting losses. The most recent loss by Uber is based upon generally accepted accounting principles that includes write downs, and the enormous number of legal expenses, like the cost of defending itself against a lawsuit over trade secrets brought by Waymo a subsidiary of Alphabet Inc. Uber agreed it would give Waymo stock worth $245 million to settle that suit a week ago.
Uber prefers using a different number when it refers to its loss, which is says is $2.2 billion, but that figure does not include some of its legal costs as well as compensation that is stock based, taxes, interest and other types of expenses.
Uber concluded its full year with cash of approximately $6 billion, which is 13% less than it had ending the previous year.
The company released its numbers with Information the tech news site after Khosrowshahi had spoked with investors and confirmed the numbers to other media agencies, The Uber CEO said that UberEats reached gross revenues of $4 billion for the fourth quarter, which represents 10% of the entire Uber business.
On Wednesday the Uber CEO will speak at a technology conference hosted by Goldman Sachs in San Francisco.