Ride-hailing company Uber logs huge annual loss

[nitpicker]

http://www.dw.com/en/ride-hailing-company-uber-logs-huge-annual-loss/a-42577417

Ride-hailing company Uber logs huge annual loss

Ride-hailing company Uber lost $4.5 billion (€3.64 billion) last year, technology site The Information reported late Tuesday. The annual loss was much bigger than the $2.8 billion in the red in 2016.

It was a difficult year for the San Francisco-based firm. Former CEO Travis Kalanick was forced to step down in June amid a shareholder revolt that followed a series of scandals. In September, Uber was told that it would lose its operating license in London. In addition, the company last month disclosed that it had suffered a massive data breach affecting 57 million users.
(snip)

Last Friday, Uber settled a lawsuit brought by Google, which accused it of stealing its technology and infringing its patents. Uber agreed to pay $245 million worth of its own shares to Alphabet's Waymo self-driving vehicle unit to settle the legal dispute.

There was one silver lining for the ride-hailing company, though, as it was able to show improvement in its fourth quarter by narrowing its loss to $1.1 billion after losing $1.46 billion in the previous three months. Fourth-quarter bookings rose by 14 percent to $11.1 billion.

[democratisphere]

1. The Uber model isn't working. Huge company losses and drivers that don't

make enough to cover expenses and have a decent paycheck.