The Latest: Uber CEO wants the ‘love back’ after rough 2017
SAN FRANCISCO (AP) — The Latest on the challenges facing Uber the ride-hailing service struggles to become profitable and burnish its tarnished reputation: (all times local):
Uber CEO Dara Khosrowshahi says he believes the ride-hailing service can still become a beloved brand despite a wave of damaging revelations about its treatment of employees, drivers, regulators and rivals.
Khosrowshahi says “getting the love back” has been one of his top priorities since Uber lured him from online travel agency Expedia five months ago to replace co-founder Travis Kalanick as CEO. Although he says he is pleased with the company’s progress so far, Khosrowshahi cautioned that the San Francisco company still has a long way to go to win back the trust of its consumers and drivers.
He made his remarks during a late Wednesday appearance at a technology conference hosted by Goldman Sachs.
Khosrowshahi also predicted that Uber will be well on the way to turning a profit by time make an initial public offering of its stock next year, despite a $4.5 billion loss last year.
Ride-hailing giant Uber’s full-year net loss widened to $4.5 billion in 2017 as the company endured a tumultuous year that included multiple scandals and the replacement of its CEO.
The results also showed that Uber cut its fourth-quarter net loss by 25 percent from the third quarter as its new CEO moves to make the company profitable before a planned public stock sale sometime next year.
The full-year loss grew from $2.8 billion in 2016, but that year was skewed by a gain from the sale of Uber’s business in China. Uber also said its U.S. ride-hailing market share fell from 82 percent at the start of last year to 70 percent in the fourth quarter. The company said the market share has now stabilized.