SAN FRANCISCO: Uber shares revved higher on Thursday as the global ride-hailing giant’s quarterly update showed it moving on a path to profitability faster than expected. The San Francisco-based company still lost $1.1 billion on revenue that increased 41 per cent to $3.7 billion when compared to the same period a year earlier.
“2019 was a transformational year for Uber and I’m gratified by our progress,” said Uber Chief Executive Dara Khosrowshahi.
Uber shares were up some four per cent in after-market trades that followed released of the earnings report.
Uber beat earnings targets consistently last year, with the help of spending discipline and money made from the sale of an Eats food-delivery service in India, according to Chief Financial Officer Nelson Chai. Revenue was up in Uber’s ride-sharing business as well as Eats food delivery and its Freight service that matches truckers with loads for deliveries, the earnings report showed. — AFP
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