Uber’s losses swell to £3.3bn

UBER’S annual losses ballooned by almost 65pc last year, soaring to £3.3bn compared with £2bn in 2016.

But the taxi firm also reported an 85pc surge in gross revenues, rising from £14.5bn to £27bn.

Chief executive Dara Khosrowshahi, who took over from ousted co-founder Travis Kalanick, hopes to make an underlying profit by next year, ahead of a stock market float in 2019.

Uber recently secured £903m in investment after Japan’s Softbank bought a 15pc stake, while a consortium shelled out £722m for a 2.5pc stake.

In the UK, Uber’s appeal against Transport for London’s decision not to renew its licence will be heard in the spring.