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Uber CEO aims to pare losses and re-earn employee trust

Uber CEO aims to pare losses and re-earn employee trust

Full-year net loss of Uber has expanded to USD4.5 billion last year, as it went through fierce year with several scandals, a lawsuit alleging the theft of trade secrets and the replacement of its CEO.

Ride-hailing company Uber lost $4.5 billion (€3.64 billion) a year ago, technology site The Information reported late Tuesday.

In its recently released report for the fourth quarter, Uber revealed that it has actually managed to reduce its quarterly losses and move a step closer to profitability. Uber isn't a public company, so it isn't required to disclose financial information.

RIDE-SHARE titan Uber revealed that its losses previous year swelled despite signs in the final three months that it was stemming the red ink. It was the first full quarter under Dara Khosrowshahi, who took over the troubled business in September.

A source familiar with the confidential deal said Uber agreed to a financial settlement giving the Alphabet unit 0.34% of Uber shares - which would be some US$244 million based on Uber's valuation of US$72 billion.

Those numbers underscore Uber's tenuous position, despite its pioneering role in the ride-hailing industry that enabled it to build a substantia lead over rivals such as Lyft, said Stephen Beck, managing partner of cg42, a management consulting firm.

It was a hard year for the San Francisco-based firm. Adjusted net revenue came up to $2.22 billion, a 61 percent increase from the same period the year before.

Khosrowshahi inherited a mess after Uber acknowledged rampant sexual harassment within its ranks and its use of duplicitous software to thwart government regulators while dealing with the fallout from a video that captured Kalanick berating one of its own drivers.

He spoke of the settlement with Waymo, the self-driving vehicle division of Google parent, Alphabet. 'If you draw that out further, a year from now, this could be a significant IPO waiting to happen, ' he said.

The CEO is scheduled to speak Wednesday at a Goldman Sachs Group technology conference in San Francisco, as is Bill Gurley, a former board member who helped lead the ouster of Khosrowshahi's predecessor, Travis Kalanick.

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