February 7, 2020 | Investopaper
Uber has reported a loss of $1.1 billion in the last three months of 2019. The figures are so high even though the revenue of the company jumped by 37 percent. Similarly, the number of trips made on its platform also rose by 28 percent which is encouraging for the company. The positive thing is that the main ‘ride’ part of the business has gone into profit in the last three months of last year.
The loss incurred mainly because of the amount it spent to expand Uber Eats food delivery business. The increase in the revenue satisfied the Uber boss as he said that he was “gratified” with the progress the firm is making toward profitability. He further 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”.
The shares of the company gained 4 percent in the after-hour trading. Earlier, Uber sold its food delivery business in India to Zomato.