While Uber has been hailed as the megalomaniac of the business world, it is not an unknown fact that for many years it has not attained a profitable status yet. However, if various sources are to be followed coupled with statements from the company’s top leadership, Uber will achieve a profitable status from 2021.
However, in other news, the ride-sharing application has lost $1.1 billion dollars during the fourth quarter of 2019, which was a jump of about 24% than last years. The total loss equals to 64% loss of shares which was slightly less than analysts were expecting. Analysts at FactSet predicted that Uber would lose $1.18 billion or 67% of its share.
Uber bought in a revenue of $4.1 billion which was a jump of 37% from previous years ago. Its revenue grew all around the world, however, their biggest gains were reported from the U.S and Canada were Uber pulled in 41% more revenue than last year.
UberEats, however, lost $461 million in the previous quarter before accounting for interest, taxes, depreciation and amortization. “2019 was a transformational year for Uber and I’m gratified by our progress, steadily delivering against the commitments we’ve made to our shareholders on our path to profitability,” said Dara Khosrowshahi, CEO in a statement. “We recognize that the era of growth at all costs is over. In a world where investors increasingly demand not just growth, but profitable growth, we are well-positioned to win through continuous innovation, excellent execution and the unrivaled scale.
During the fourth quarter, Uber had a rather unpleasant situation to deal with from a PR perspective, as riders reported more than 3,000 sexual assaults during 2018. The same month Uber even had to dole out $4.4 million to put an end to a federal sexual harassment probe surrounding their internal corporate structure.