Uber losses swell to 65 per cent to £3.3bn

Money
Uber's annual losses soared to £3.3bn in 2017 compared with £2bn in 2016

Uber's annual losses soared to £3.3bn in 2017 compared with £2bn in 2016

Uber’s annual losses soared to £3.3bn in 2017 compared with £2bn in 2016

Uber’s annual losses ballooned by almost 65 per cent last year, soaring to £3.3billion compared with £2billion in 2016.

But the taxi firm also reported an 85 per cent surge in gross revenues, rising from £14.5billion to £27billion.

Chief executive Dara Khosrowshahi, who took over from ousted co-founder Travis Kalanick, hopes to make an underlying profit by next year, ahead of a stock market float in 2019.

Uber recently secured £903million in investment after Japan’s Softbank bought a 15 per cent stake, while a consortium shelled out £722million for a 2.5 per cent stake.

In the UK, Uber’s appeal against Transport for London’s decision not to renew its licence will be heard in the spring.

TOP DIY INVESTING PLATFORMS

 

Leave a Reply