In the fourth quarter, Uber lost $ 1.1 billion – FUTURE KERALA

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Uber lost $ 1.1 billion in the fourth quarter

  • A threefold increase in revenues
  • Depreciating investments in food supply and driverless car sector
  • $ 461 million in food supply alone
  • Uber’s revenue increased 37% to $ 4.1 billion

In all likelihood, the company’s growth era has come to an end. Investor demand is driven not by the growth of a company, but by profitable growth. We will continue to strive for unparalleled service, innovation and service delivery on the global platform

– Dara Khosrowshahi
CEO, Uber

Uber, fourth largest consecutive year of loss Investments in the food supply and driverless car sectors are likely to hurt the company. But revenues from the travel services business tripled. Uber has been able to increase passenger traffic globally.

The company, which owns the food and beverages business, reported $ 1.1 billion loss in the fourth quarter. This is up 24% from the same quarter last year. Uber’s loss of $ 1.18 per share in the fourth quarter was forecast by predecessor analyst FactShot. Uber has seen a significant increase in revenue. Global revenues rose 37 percent to $ 4.1 billion. The company has the highest revenues from the US and Canada. This is an increase of 41% over last year.

Uber’s food delivery business has suffered more than expected. It lost $ 461 million in the food distribution business alone. In the same quarter of the previous year, the sector’s sales fell 66%. Uber has invested a lot of money in this segment to improve its business, as it competes with the best competitors in the market. Uber CEO Dara Khosrowshahi said that 2019 was a year of great change for the company. In all likelihood, the company’s growth era has come to an end. Investor demand is driven not by the growth of a company, but by profitable growth. He added that the company will continue to deliver services and innovation on a global platform unmatched.

Uber reported in the December quarter that the company registered more than 3,000 sexual harassment cases in 2018. After the IPO, shares of Uber fell 42% to $ 25.99. But last month, the shares returned $ 37. This is 18% lower than the IPO rate.

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