While the losses are significant, the results still are positive for Uber with revenue rising and losses falling in three of four quarters in 2017, said Rohit Kulkarni, managing director of SharesPost, a research group focused on privately held companies. Bookings from fares rose 14 per cent to just over $US11 billion for the quarter. This would provide the necessary approval and permission to Uber for executing their self-driving technology development program. However, losses did narrow 26pc from Q3 of 2017 to $1.1bn, down from $1.46bn in the previous quarter.
Uber considers adjusted earnings before taxes as a better indicator of its financial performance.
It also agreed not to utilize any of Waymo's technology for autonomous driving as part of the settlement. Sales continued to grow to $7.5 billion for the year, a 61 per cent increase. It was the first complete quarter with Dara Khosrowshahi at the helm, who took the reins of the troubled company during September of 2017.
"It fits into this larger vision, we think, that there can be multiple modes of transportation that can be made available through the Uber app", he said.
Uber had faced accusations from Waymo, a self-driving auto company owned by Google's parent company Alphabet, of stealing purported trade secrets relating to autonomous vehicle technology. It was a particularly tough year for the ridesharing giant, which saw scandal after scandal rock the company and erode consumer confidence.
It is also meant to help Uber move past a series of controversies, which included allegations of executive misconduct, a toxic working environment, and potential unethical competitive actions that has resulted to the departure of its former CEO Travis Kalanick and the dismissal of more than 20 employees.
The job is proving to be even more hard than Khosrowshahi anticipated five months ago after Uber lured him away from online travel agency Expedia to replace its embattled co-founder, Travis Kalanick, as CEO.