Taxi Driver Online

Uber's losses ballooned to $4.5bn in tumultuous year

Uber's losses widened last year, despite signs that it was pulling back from the brink in the final three months. Figures from the ride-sharing company showed its losses swelled to $4.5 billion in 2017, compared to $2.8bn in 2016.

Despite this, Uber managed to narrow its losses in the last three months when compared to the previous year, from $1.46bn in 2016 to $1.1bn in 2017. Sales continued to grow to $7.5 billion for the year, a 61 per cent increase.

The last minute boost will soften the blow for new chief executive Dara Khosrowshahi, who plans to take the ride sharing firm public with its stock market debut in 2019. Mr Khosrowshahi took over from ousted co-founder Travis Kalanick late last year. The former Expedia boss has vowed to fix the company's work culture and business practices following several years of bad publicity, but his reign has been far from smooth-running.

In November, Mr Khosrowshahi’s first public-facing duty involved announcing that Uber’s database had been hacked in a breach that affected 57 million customers and drivers, and that it kept the leak secret for more than a year. Two of the employees responsible for covering up the breach were let go, including Uber's chief of security, Joe Sullivan.

Mr Khosrowshahi at the time said that he would "not make excuses" for the incident.

But just last week another controversy from Uber's was made public, this time in the shape of a high profile battle over trade secrets with Waymo, Google’s driverless car company. Waymo will get a 0.34pc stake in Uber, worth $245m (£177m) at its latest valuation, in a settlement after taking Uber to court over the allegations. Waymo claimed that a former employee stole a piece of technology that now forms part of Uber's driverless taxis. It initially sought $1bn but settled last week after just two days in court.

This, along with previous accusations of sexual misconduct among the high ranks and the resignation of the controversial Mr Kalanick, has led to a tumultuous year for for Uber, despite its impressive growth and international expansion. Japan investors SoftBank stepped in and recently took a 15pc stake in the company by buying shares from early investors at slashed prices, it was reported.

Uber is not required to report its financial results but has been releasing some earnings figures under Mr Khosrowshahi new leadership.

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IDFIMH

Just checked Uber Britannia returns with Company House,Mr. R Van Der Woude was made a director in January 2017,director presents her financial report signed by R Van Der Woude,18/10/17 Mr.R Van Der Woude
resigns directorship.
It clearly states that it was a her who presented financial report as a director but it was a he who signed them.Do not think they know what gender themselves are.

May the trend continue!

Well spotted.

Suspect the 'her' refers to the period covered by the accounts to year ended 31 December 2016.

Rob Van Der Woude's signature seems to relate to when the accounts were approved by the board, ie 28 September 2017.

So it's basically because of the difference between the accounting period and the later date on which the accounts actually approved by the board. I think.

but the investors are still queueing up to pour billions in

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lack of modern legislation is the iceberg sinking the titanic of the transport sector

It will be tax deductable.

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Grandad,

not 100 percent it won't

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lack of modern legislation is the iceberg sinking the titanic of the transport sector

Investment in technology companys get a very high tax dedutable level if not 100%.

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Grandad,

Surely that cannot be correct,railways,airlines,shipping or any company using computers could be classed as technology companies and according to you any shareholding is probably 100% tax deductible.

You need to look at the main business. What the companys you have quoted are, and have always been, are transport companys. UBER have never said that they are a transport company, they have always said that they are a technology company.
Which type of business that they are is being decided by the courts.

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Grandad,

Already decided by Supreme Court that they are a Transportation Company.

We know that but they are yet to accept it. Until they do their investers still think they are a technology company. Hopefully soon the will all understand and stop wasting their money.

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Grandad,