Uber Loses a Billion Dollars in the Food Space and Driverless Cars – Which Begs the Question Does Investing in the Future Withhold Profit?

Must Read

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.

Latest News

The Heirs Season 2 : Plot, Cast And Release date

The Heirs is also known as The Inheritors, is the most popular South Korean romantic drama placed upon the...