Uber promises to get profitable in 2020
The company’s shares jumped as much as 10% after hours
Stocks impacted: Uber (UBER)
Uber plans to turn a profit by the end of this year, sooner than previously expected, calling 2019 transformational year. The company lost $1.1bn in the last three months of 2019, even as revenue jumped 37% to $4bn and the number of trips made on its platform rose by 28%. Uber lost more than $8bn last year in total despite the number of trips taken on its platform climbed by 32% to nearly 7 million and revenue rose 26% to $14.1bn from 2018. The company’s shares jumped as much as 10% after hours when its CEO said that the firm was moving its EBITDA profitability target to Q4 2020. As a reminder, last month, Uber sold its money-losing India-based food business to competitor Zomato, in exchange for a stake in the start-up. Also, London stripped it of its license to operate in November after concerns over safety failures.
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