Uber revealed fourth-quarter financial results to investors on Tuesday that showed the ride-hailing company’s cost-cutting efforts are starting to pay off.
Uber has just revealed its fourth-quarter financial results, which show that the ride-hailing company’s loss jumped 61 percent in 2017.
The company lost $4.5 billion last year, up from $2.8 billion in 2016, according to figures first reported by The Information and confirmed by CNBC on Tuesday.
However, in the fourth quarter, which was CEO Dara Khosrowshahi’s first full period at the helm, Uber’s loss narrowed to $1.1 billion from $1.46 billion in the third quarter. Revenue during that stretched climbed about 14 percent to $11.1 billion from $9 billion.
Uber ended the year with about $6 billion in cash, 13 percent below the prior year’s total, according to Bloomberg.
Uber is not required to publicly report its financial results, but has begun disclosing some figures in recent months.
–Thomson Reuters contributed to this report.