Uber Quarterly Sales Rose 61% to $2 Billion Amid Heavy Loss

Uber Technologies Inc. had a painful 2017, but the business managed to grow.

Adjusted net revenue last quarter increased 61 percent to $2.22 billion from the same period in 2016. Meanwhile, the total value of fares grew to $11 billion that quarter. It was the first full quarter under Dara Khosrowshahi, who took over the troubled business in September.

Despite a turbulent year for the ride-hailing company, sales were $7.5 billion. But the company also posted a substantial loss of $4.5 billion. There are few historical precedents for the scale of its loss.

Uber isn’t publicly traded but has chosen to release select financial information to investors and the public in recent quarters. Last month, SoftBank Group Corp. led a $9.3 billion investment deal to make itself largest shareholder in the San Francisco-based company. The Japanese firm is betting that more people will choose to book rides through an app instead of driving themselves and that the business will find a way to make up for losses today.

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