Uber misplaced $6.8 billion in 2020
2 min readThe business noted $968 million in losses for the previous 3 months of 2020, which include $236 million in inventory-based compensation expenses, down from practically $1.1 billion in the year prior. CFO Nelson Chai claimed in a statement that Uber continues to be “properly on keep track of to obtaining our profitability targets in 2021.”
Uber has continued to lean on Eats, its food shipping and delivery business enterprise, which observed revenue increase 224% to $1.4 billion in the fourth quarter when compared to the year prior. Rides income was $1.5 billion, down 52% from a calendar year earlier.
The acquisition spree arrives as Uber has deserted its loftier — and high-priced — ambitions. The corporation marketed off its autonomous vehicle research division and its flying taxi operations in December.
Uber, which has a background of steep losses, has felt the consequences of the pandemic. It slice approximately 25% of its staff more than numerous rounds of layoffs in the initial 50 percent of final calendar year as the global health crisis set stress on its main business.
