Uber says it will turn profit later this year after losing $8.5 billion in 2019
For the fourth quarter of 2019, Uber edged out Wall Street’s expectations, with bookings up 28% and a loss that was narrower than analysts’ estimates. Gross bookings were $18.1 billion, showing that demand for transportation and food delivery orders remains strong. The measure, which represents the total value of rides, food orders and other businesses, is closely watched by investors.
Efforts to rein in spending are proving especially effective. The San Francisco company reported an adjusted loss of $615 million, compared with the $713-million average of analysts’ estimates compiled by Bloomberg. The loss, which excludes interest, taxes and other expenses, was $817 million in the same quarter a year earlier.
Uber is trying to more closely connect its various services and increase use among the more than 100 million customers who open the app each month. The company is investing in electric bicycle and scooter rentals and experimenting with helicopter rides and temporary staffing. The new businesses are expensive, though, and investors have punished the company for burning cash to fuel growth. The stock, which went public in May, trades below its initial offering price. Uber said Thursday that its loss for the year using generally accepted accounting principles was $8.51 billion. The startling figure was driven primarily by stock compensation and one-time costs associated with the initial public offering.
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