Uber's fourth-quarter loss narrows to $1.1 billion: source

FILE PHOTO: Uber's logo is pictured at its office in Tokyo, Japan, November 27, 2017. REUTERS/Kim Kyung-Hoon

(Reuters) - Uber Technologies Inc narrowed its fourth-quarter loss to $1.1 billion from a loss of $1.46 billion in the previous quarter, a person familiar with the matter told Reuters.

The ride-hailing company's quarterly revenue rose 11.8 percent to $2.2 billion from its previous quarter, the source said.

Uber has gone on to raise more than $14 billion in new funding and last month closed a deal with SoftBank Group Corp in which the Japanese conglomerate, along with other investors, took about a 17.5 percent stake in the company.

Silicon Valley-based Uber's quarterly gross bookings rose 14 percent to $11.1 billion from the third quarter, the person said.

The company had previously reported third-quarter net loss of $1.46 billion on net revenue of $2 billion. Uber had gross bookings of $9.7 billion in the previous quarter.

Uber said last week that it would pay $245 million worth of its own shares to Alphabet Inc's Waymo self-driving vehicle unit to settle a legal dispute over trade secrets, allowing Uber's chief executive to move past one of the company's most bruising public controversies.

(Reporting by Abinaya Vijayaraghavan in Bengaluru)

Must Read

Mississippi town mourns deaths of 3 couples in...

Aug 15, 2016

Three married couples killed in the crash of a small airplane in Alabama all lived in the...

China's launch of quantum satellite major step in...

Aug 16, 2016

Experts say China's launch of the first quantum satellite will push forward the worldwide effort to...

Ford to invest $75M in autonomous vehicle sensor...

Aug 16, 2016

Ford and Chinese search engine company Baidu will invest $75 million each in Velodyne, a company...

Gawker sold to Univision in aftermath of Hulk...

Aug 16, 2016

Spanish-language broadcaster Univision won an auction Tuesday for Gawker Media, which was put on...

Critics: Governor's promise to heal Baltimore...

Aug 17, 2016

Maryland Gov. Larry Hogan promised to help heal Baltimore when it erupted in rioting a year and a...

About Us

Started in 2015, Science Of The World offers in-depth news about the latest scientific discoveries. If you’re looking for a reliable source, Science Of The World is the one for you.

Contact us: sales[at]scienceoftheworld.com

Subscribe Now!