Home NEWS Uber misplaced $6.8 billion in 2020

Uber misplaced $6.8 billion in 2020

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The total-year loss, which Uber reported together with its fourth quarter outcomes on Wednesday, represented a big drop from the $8.5 billion it misplaced in 2019. Throughout the 12 months, Uber bought off pricey ventures, minimize employees and centered on what its CEO beforehand known as “profitable growth.”

The corporate reported $968 million in losses for the final three months of 2020, together with $236 million in stock-based compensation bills, down from practically $1.1 billion within the 12 months prior. CFO Nelson Chai mentioned in an announcement that Uber stays “effectively on monitor to attaining our profitability targets in 2021.”

Uber (UBER) has mentioned it goals to realize profitability on an adjusted foundation earlier than the tip of this 12 months. Like Lyft, which reported its fourth quarter outcomes on Tuesday, Uber noticed some enchancment from the third quarter of final 12 months however nonetheless skilled income declines as a result of ongoing pandemic’s influence on its Rides enterprise. Uber posted income of $3.2 billion for the fourth quarter, down 16% from the identical interval a 12 months earlier.

Uber has continued to lean on Eats, its meals supply enterprise, which noticed income improve 224% to $1.4 billion within the fourth quarter in comparison with the 12 months prior. Rides income was $1.5 billion, down 52% from a 12 months earlier.

The corporate has labored to beef up its supply portfolio in current months. In July, Uber acquired certainly one of its smaller meals supply rivals, Postmates, for $2.65 billion in an all-stock deal. Final week, the corporate introduced it’s buying alcohol delivery startup Drizly.

The acquisition spree comes as Uber has deserted its loftier — and dear — ambitions. The corporate bought off its autonomous automobile analysis division and its flying taxi operations in December.

Uber, which has a historical past of steep losses, has felt the results of the pandemic. It minimize roughly 25% of its employees over a number of rounds of layoffs within the first half of final 12 months as the worldwide well being disaster put strain on its core enterprise.

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