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

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...

Google's search engine directs voters to the...

Aug 16, 2016

Google is pulling another lever on its influential search engine in an effort to boost voter...

BACK TO SCHOOL: Enrollment up a bit as kids...

Aug 16, 2016

The lazy days of summer are ending for millions of children as they grab their backpacks, pencils...

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...

France holds security meeting to discuss...

Aug 17, 2016

The French government has held a special security meeting to discuss increasing protection measures...

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!