Uber shed $6.8 billion in 2020
The business described $968 million in losses for the final three months of 2020, like $236 million in inventory-based mostly compensation costs, down from practically $1.1 billion in the 12 months prior. CFO Nelson Chai stated in a statement that Uber stays “properly on track to accomplishing our profitability goals in 2021.”
Uber has continued to lean on Eats, its food items shipping and delivery business, which noticed earnings maximize 224% to $1.4 billion in the fourth quarter in comparison to the year prior. Rides income was $1.5 billion, down 52% from a 12 months before.
The acquisition spree will come as Uber has deserted its loftier — and high-priced — ambitions. The business marketed off its autonomous motor vehicle study division and its traveling taxi functions in December.
Uber, which has a heritage of steep losses, has felt the effects of the pandemic. It slice approximately 25% of its employees in excess of multiple rounds of layoffs in the 1st half of very last 12 months as the worldwide health and fitness disaster set tension on its main business.