Uber lost a staggering $6. 8 billion last year — and that’s actually good news.
The full-year loss, which Uber reported along with its fourth quarter results on Wednesday, represented a significant drop from the $8. 5 billion it lost in 2019.
During the year, Uber sold off costly ventures, cut staff and focused on what its CEO previously called “profitable growth. “
The company reported $968 million in losses for the last three months of 2020, including $236 million in stock-based compensation expenses, down from nearly $1. 1 billion in the year prior.
Uber (UBER) has said it aims to achieve profitability on an adjusted basis before the end of this year.
Uber saw some improvement from the third quarter of last year but still experienced revenue declines due to the ongoing pandemic’s impact on its Rides business.
Uber posted revenue of $3. 2 billion for the fourth quarter, down 16% from the same period a year earlier.
Uber has continued to lean on Eats, its food delivery business, which saw revenue increase 224% to $1. 4 billion in the fourth quarter compared to the year prior.
Rides revenue was $1. 5 billion, down 52% from a year earlier.
In July, Uber acquired one of its smaller food delivery competitors, Postmates, for $2. 65 billion in an all-stock deal.