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New figures show the taxi specialist is burning through cash
Thursday 22 Feb 2018 Author: Steven Frazer

Uber’s full year results show the ride-hailing company’s losses jumped by 61% in 2017.

The company ran-up staggering losses of $4.5bn last year, up from $2.8bn in 2016, according to various media reports. In the last quarter alone Uber apparently ate through $40m of cash as it invests
in expansion.

‘There are few historical precedents for the scale of its loss,’ wrote Bloomberg.

Uber is privately owned so is not required to publicly report its financial results, but the company has begun disclosing some figures in recent months.

This is believed to be part of a planned shift to become more transparent ahead of a mooted IPO in New York, perhaps later this year.

Soaring losses may see those IPO hopes stuck in traffic for a while yet.

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