Ride-hailing app firm Uber saw its losses spiral by 61% to $4.5bn (£3.2bn) in 2017, up from $2.8bn in 2016 - despite an 85% increase in revenue to $37bn.
The ride-hailing company's quarterly revenue rose 11.8 percent to $2.2 billion from its previous quarter, the source said.
Uber is in the process of reducing its deficit but still managed to lose $1.1 billion in the fourth quarter of 2017, The Information reported earlier this week, citing data obtained from the company.
In a call with investors on Tuesday, CEO Dara Khosrowshahi said that the company's food delivery service, known as UberEats, had hit $4 billion in gross revenue-or about 10 percent of Uber's business, according to Bloomberg. It is important to note Uber's larger global footprint here, meaning the company may be making up for lost ground in the USA in other territories.
"If you draw that out further, a year from now, this could be a significant IPO waiting to happen", he said. The most recent loss by Uber is based upon generally accepted accounting principles that includes write downs, and the enormous number of legal expenses, like the cost of defending itself against a lawsuit over trade secrets brought by Waymo a subsidiary of Alphabet Inc.
Last year was a particularly bad one for Uber with its reputation tarnished by the company's acknowledgement of rampant sexual harassment within its ranks, a year-long cover-up of a major computer break-in, and the use of duplicitous software to thwart government regulators.
He made his remarks during a late Wednesday appearance at a technology conference hosted by Goldman Sachs. Uber agreed to give Waymo stock valued at $245 million to settle the suit last week. The person didn't want to be identified because Uber remains a private company.
Khosrowshahi says "getting the love back" has been one of his top priorities since Uber lured him from online travel agency Expedia five months ago to replace co-founder Travis Kalanick as CEO.