Uber reports growth in earnings, revenue in Q4 with shrinking loss

Source: Xinhua| 2020-02-07 16:27:56|Editor: xuxin
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SAN FRANCISCO, Feb. 6 (Xinhua) -- Leading U.S. ride-hailing company Uber Technologies, Inc. on Thursday reported growth in both net earnings and revenue in the fourth quarter of 2019, with loss shrinking from the year-ago quarter.

Uber said its revenue jumped 37 percent to 4.07 billion U.S. dollars in the fourth quarter ended on Dec. 31, 2019, compared with 2.97 billion dollars in the same period in the previous year.

Net income increased 41 percent to 3.73 billion dollars in the quarter, up from 2.6 billion dollars in the same quarter in 2018, Uber said.

The San Francisco-based ride-sharing company attributed the growth to its core business of ride-hailing service as its gross bookings for rides went up 28 percent to 18.13 billion dollars year-over-year.

Meanwhile, Uber posted a net loss of 1.1 billion dollars for the fourth quarter, but it narrowed a bit over the previous quarter's 1.2 billion dollars. It lost 887 million dollars in the corresponding quarter of a year earlier.

"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 Uber CEO Dara Khosrowshahi.

Khosrowshahi admitted that the era has gone when the company seeks to deliver growth at all costs.

"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 of our global platform," the CEO said.

In an earnings call on Thursday, Khosrowshahi told investors that the company is seeking to deliver profitability in the fourth quarter of 2020, about one year earlier than its previous forecast.