Uber CEO aims to pare losses and re-earn employee trust

Adjust Comment Print

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.

The payment, to be made in Uber's stock, is a fraction of the almost $2 billion in damages that a Waymo expert had estimated Uber's alleged theft had caused.

Last Friday, Uber settled a lawsuit brought by Google, which accused it of stealing its technology and infringing its patents. However, losses did narrow 26pc from Q3 of 2017 to $1.1bn, down from $1.46bn in the previous quarter.

Khosrowshahi also offered more of an explanation on Wednesday on last week's decision to settle the lawsuit filed by Alphabet over whether Uber stole self-driving technology secrets from Waymo, Alphabet's subsidiary. It was the first complete quarter with Dara Khosrowshahi at the helm, who took the reins of the troubled company during September of 2017.

Kanye West is back on Instagram, and what is happening?
Speaking on Khloe's Instagram Stories, he said: "Happy Valentine's Day everybody from my loved one to yours". Kim's daughter North looked adorable as wore a black pull-over sweatshirt while dancing along with her mom.

Despite a turbulent year for the ride-hailing company, sales were $7.5 billion. The annual loss was much bigger than the $2.8 billion in the red in 2016.

Uber's loss was mainly based on accepted accounting standards, which includes write-downs and significant legal expenses.

The latest financial report shows the company continues to increase its revenue while making progress on cutting its loss.

In his appearance, Khosrowshahi said Uber could quickly reverse its losses by retreating from less-developed markets outside the USA and reducing the money it pours into expensive projects like its work on self-driving cars. On an adjusted basis, excluding stock-based compensation, legal costs, taxes and depreciation, the company lost $2.2 billion for the full year.

Indonesia church attacker may have been exposed to radicalism
Police identified the suspect as a 23-year-old university student from Banyuwangi regency in East Java province, Suliyono. Churches are a common target for Islamic militants in Indonesia, the world's most populous Muslim nation.

The ride-hailing firm ended 2017 with about $6 billion in cash, including $1.4 billion money set aside for potential insurance claims.

Chief executive Travis Kalanick was ousted in June and replaced by Mr Khosrowshahi in August.

Last year was a particularly bad one for Uber with its reputation tarnished by the company's acknowledgement of rampant sexual harassment within its ranks, a year-long cover-up of a major computer break-in, and the use of duplicitous software to thwart government regulators.

LeBron spoils Pierce's day, leads new-look Cavs to rout of Celtics
The jersey retirement ceremony was held at the halftime of Boston's game against the visiting Cleveland Cavaliers . And he just always rose to those occasions, just consistently wanting that shot, wanting that possession.