Uber CEO wants the 'love back' after rough 2017

Adjust Comment Print

The results also showed that Uber cut its fourth-quarter net loss by 25 percent from the third quarter as its new CEO moves to make the company profitable before a planned public stock sale sometime next year.

Ride-hailing app firm Uber saw its losses spiral by 61% to $4.5bn (£3.2bn) in 2017, up from $2.8bn in 2016 - despite an 85% increase in revenue to $37bn.

The company also said that its USA ride-hailing market share dropped from 82 percent at the start of a year ago to 70 percent in the fourth quarter.

"I want you to be able to take an Uber and get into the subway... get out and have an Uber waiting for you", Khosrowshahi said during his speech. This attitude is clearly visible in the previous business practices and approaches adopted by the ride-hailing company since its introduction in the United States and other potential markets.

However, Uber lost US$1.1 billion in the final quarter of 2017 as compared with US$1.46 billion in the preceeding quarter as revenue rose. The figure leaves out legal costs and stock-based compensation, as well as taxes, interest and other expenses.

Two Bronx Men Arrested in Terror Scheme
He then started having sex with one of them, and then encouraged her to call in a fake bomb threat to relieve her boredom. A friend of the accuser told the investigators that she had also been at the teacher's apartment.

The legal battle between Google's Waymo and ride-hailing company Uber aroused when Waymo put allegations of stealing their self-driving technology secrets by Uber in order to first introduce the self-driving technology developed cars in the market to the masses.

To make matters worse, Khosrowshahi discovered that Uber had covered up a computer break-in that stole personal information about millions of riders and drivers.

At a Goldman Sachs technology conference in San Francisco, California, he spoke about the ugly legal battle over self-driving vehicle technology and other subjects during a wide-ranging on-stage interview.

Mr Khosrowshahi took over from ousted co-founder Travis Kalanick late past year. Less than a week into the trial, Uber agreed to give Alphabet shares worth $245 million along with words of "regret" that stopped short of admitting guilt. Mr Khosrowshahi detailed them on a conference call with investors Tuesday, and the company made some results public.

Khosrowshahi wants the company to go public next year, according to a November 9, 2017, CNN report.