Uber’s net loss grows
Ride-sharing company Uber’s 2017 net loss has jumped to US$4.5 billion (NZ$6.1 billion).
That’s up from US$2.8b in 2016, AP reports.
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Contributing factors include the sale of Uber’s unprofitable business in China and its US ride-hailing market share dropping from 82% at the start of 2017 to 70% in the fourth quarter.
However, Rohit Kulkarni, managing director of SharesPost, a research group focused on privately held companies told AP that Uber is likely on the road to profitability under new chief executive Dara Khosrowshahi.
“If you draw that out further, a year from now, this could be a significant IPO waiting to happen.”
Previous chief executive Travis Kalanick was dumped in June and replaced by Khosrowshahi in August.
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