Uber shed $6.8 billion in 2020

The full-yr loss, which Uber noted together with its fourth quarter effects on Wednesday, represented a substantial fall from the $8.5 billion it misplaced in 2019. All through the 12 months, Uber marketed off high priced ventures, minimize employees and centered on what its CEO formerly termed “financially rewarding expansion.”

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 (UBER) has reported it aims to obtain profitability on an adjusted basis just before the conclude of this 12 months. Like Lyft, which claimed its fourth quarter effects on Tuesday, Uber saw some advancement from the third quarter of very last 12 months but however expert earnings declines due to the ongoing pandemic’s effects on its Rides business enterprise. Uber posted profits of $3.2 billion for the fourth quarter, down 16% from the exact time period a yr earlier.

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 firm has worked to beef up its shipping portfolio in modern months. In July, Uber acquired a single of its lesser food delivery competitors, Postmates, for $2.65 billion in an all-inventory deal. Final week, the corporation introduced it is attaining alcoholic beverages shipping and delivery startup Drizly.

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.