Feb 6, 2020

Uber sees path to profit despite $1.1bn loss

The firm lost $1.1bn in the last three months of 2019, even as revenue jumped 37% to $4bn and the number of trips made on its platform rose by 28%. Spending to expand its Uber Eats food delivery business hurt the firm's bottom line. Uber boss Dara Khosrowshahi said he was "Gratified" with the progress the firm is making toward profitability. Mr Khosrowshahi said the firm expects investment in Uber Eats to decline after March, as the firm focuses on markets where it can be the number one or number two "Player". Shares gained about 4% in after-hours trade, as investors welcomed the firm's pledge to hit its profit targets in 2020, which is sooner than was previously expected. Since the firm debuted on the New York Stock Exchange last year, shares have been under a cloud, as investors eye the firm's losses and it faces regulatory hurdles around the world.

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