Uber shares rev up as it drives toward profits

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.[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 US$1.1 billion on revenue that increased 41 per cent to US$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.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Uber wins appeal in Brazil, court says drivers are not employeesRead more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Uber increases quarterly revenue, but food delivery costs eat profitUber Technologies Inc drew more customers to its ride-hailing and food delivery business in a boost to its fourth-quarter revenue, but high costs ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Uber increases quarterly revenue, but food delivery costs eat profitUber Technologies Inc drew more customers to its ride-hailing and food delivery business in a boost to its fourth-quarter revenue, but high costs ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »