Economy

'Cars Are to Us What Books Are to Amazon,' Uber CEO Says

'Cars Are to Us What Books Are to Amazon,' Uber CEO Says

He also landed in the midst of a court battle that pitted Uber against a Google spinoff alleging that the ride-hailing service had conspired to steal its self-driving auto technology while Kalanick was running things.

Since Khosrowshahi took over as CEO of Uber, he has been busy rebuilding the company that Kalanick founded but also nearly destroyed.

"Cars are to us what books are to Amazon", Khosrowshahi said at a conference in San Francisco, as reported by the Financial Times.

As part of the trial proceedings, Kalanick spent more than 3 hours on the witness stand giving his testimony.

Uber didn't acknowledge any wrongdoing in the settlement that gave Waymo's corporate parent, Alphabet, more stock in the ride-hailing service. Sales continued to grow to $7.5 billion for the year, a 61 per cent increase. The value of the merged entity was then estimated at around $35 billion, with Uber receiving an equity payment equivalent to the fifth of the combined company.

Uber also generated more money past year, and the company seems to be spending more efficiently in some areas, as it pushes for an ever greater share of the market.

According to the Everett Police Department, the 18-year-old's grandmother called 911 Tuesday morning after finding the journal and believed the threats to shoot students at the school were credible. The company shared the numbers with technology news site the Information after the call and confirmed them to Bloomberg.

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Gross revenue for Q4 sits at close to $11.1bn, an increase of close to $1.4bn over Q3 of 2017 and almost double that of the final quarter of 2016, which saw the company report $6.9bn in revenue. The person didn't want to be identified because Uber remains a private company.

The last one year has been tumultuous for Uber, with the scandal after scandal finally leading to the expulsion of co-founder and CEO Travis Kalanick.

Khosrowshahi has grand visions for the future, stating that he hopes Uber will get people to stop buying cars.

SoftBank recently took a 15 percent stake in Uber by acquiring shares from early investors at a discounted price, according to a source familiar with the terms of the deal.

Court documents state the young man wrote, "I can't wait to walk into class and blow all those (expletives) away", and "I need to make this shooting/bombing infamous".

While Uber's losses are significant, the company appears to be on the right track under Khosrowshahi's leadership, said Rohit Kulkarni, managing director of SharesPost, a research group focused on privately held companies.


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