REUTERS: Uber Technologies Inc drew more customers to its ride-hailing and food delivery business in a boost to its fourth-quarter revenue, but high costs at Uber Eats meant Uber continues to lose money as it tries to outspend competitors.
While revenue at Uber Eats grew nearly 14per cent on a quarterly basis, Uber also increased spending to attract drivers, with promotional incentives outpacing the segment's revenue growth. Promotional costs as a share of revenue at Uber's Eats business grew 4per cent from the third quarter.
In reaching its profitability goal, Uber has vowed to exit markets where it could not become the dominant food delivery player.
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Source: BusinessTimes - 🏆 15. / 51 Read more »