Uber Lost $1.1 Billion Last Quarter. That’s a Big Improvement

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Things may be starting to look up for ride-hailing app Uber after a tumultuous 2017.

During the fourth quarter, the company posted a loss of $1.1 billion, down from $1.46 billion in losses in the third quarter, according to figures first published by The Information Tuesday.

Read: Uber’s Waymo Settlement Seen as a Win for New CEO

Uber’s revenue for the quarter also grew to about $11.1 billion, up from $9 billion–a not insignificant accomplishment for CEO Dara Khosrowshahi in his first full quarter leading the company.

The full year picture is less bright. Uber lost $4.5 billion in 2017, up from $2.8 billion the year before, or a 61% increase in losses, according to figures confirmed by CNBC.

Read: Uber Is Setting New Limits to Help Prevent Accidents From Drowsy Driving

Despite this, Uber appears poised to move forward, putting a string of scandals and the departure of CEO Travis Kalanick behind it. The company last week reached a settlement with self-driving company Waymo over trade secrets. And last month, Uber raised $14 billion in funding in a deal with SoftBank and other investors.

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Source:: Fortune

      

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