Uber's losses soar over £3bn in last quarter of 2017

Losses amounting to around £3.2bn were seen at transport firm, Uber, in 2017.

However, according to the company, its performance had improved in the year’s last quarter. There was a 61 per cent increase in losses for the controversial firm; this came at the same time that revenues shot up by 85 per cent.

In 2017, Uber faced sexual harassment allegations, seeing the departure of many senior executives in the company including Travis Kalanick, co-founder.

Now, new chief executive Dara Khosrowshahi is aiming to make the company profitable again, ahead of a stock market floatation.

Comparisons with 2016’s figures were also in the spotlight and shown to be affected due to a sale that year of its business in China.

An Uber spokesperson commented: “We’re incredibly encouraged by our financial performance and excited by our long-term potential to serve riders, drivers and cities.”

In Britain, Uber was stripped of its Transport for London licence in September 2017.

TfL had cited concerns over its approach to reporting serious criminal offences, how it obtains drivers’ medical certificates, and how criminal record checks are carried out.

Uber is continuing to operate in London, whilst awaiting an appeal against the decision which is due to be heard in the next few months.