Uber Technologies Inc. reported a loss of $1.1 billion in the fourth quarter, compared with a loss of $1.46 billion in the third quarter of 2017, according to reports.
The San Francisco-based ride-sharing company said it grew revenue in the fourth quarter to $2.2 billion, a nearly 12% increase from $2 billion in sales in the third quarter.
Gross bookings rose 14% to $11.1 billion, compared with gross bookings of $9.7 billion in the third quarter, Reuters reported.
The company lost $4.5 billion for all of 2017, according to The Information.
Under new CEO Dara Khosrowshahi, privately held Uber is trying to trim its losses and improve its business as it moves towards a possible IPO in 2019.
Khosrowshahi is scheduled to speak on Wednesday at the Goldman Sachs technology and internet conference in San Francisco. Eric Jhonsa, TheStreet's technology columnist, will be at the conference to provide complete coverage.
This article was written by a staff member of TheStreet.