The company posted a profit of $997 million
last year, but that doesn’t mean its ride-hailing
service suddenly started to make money — far
from it. The positive result stemmed from a
windfall that Uber generated from the sale of
its operations in Russia and Southeast Asia. The
company said it sustained an operating loss of
$3 billion.
The San Francisco company also disclosed a
legal cloud hanging over its head as government
authorities and regulators investigate whether
the company broke any laws.
Among other things, Uber revealed the U.S.
Justice Department is conducting a criminal
investigation into a yearlong cover-up of a
massive computer break-in during 2016 that
heisted personal information belonging to
millions of passengers and drivers.
The probes are among the many risks that
investors must weigh as they mull whether to
jump into one of the biggest IPOs in years.
Uber CEO Dara Khosrowshahi acknowledged
the self-inflicted wounds that damaged the ride-
hailing service’s reputation while trying to make
the case that the company has rehabilitated
itself since he took over 18 months ago.
He struck his note of contrition and optimism in
a letter included in the federal documents.
“Some of the attributes that made Uber a
wildly successful startup — a fierce sense of
entrepreneurialism, our willingness to take
risks that others might not, and that famous
Uber hustle — led to missteps along the way,”
Khosrowshahi wrote, closing his letter by
assuring he will run Uber with integrity.