Uber lost $ 6.8 billion in 2020

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The full-year loss, which Uber reported on Wednesday along with its fourth-quarter results, represented a significant drop from the $ 8.5 billion it lost in 2019. called “profitable growth”.

The company reported $ 968 million in losses for the last three months of 2020, including $ 236 million in stock-based compensation costs, down from nearly $ 1.1 billion in the previous year. CFO Nelson Chai said in a statement that Uber “remains well on track to reach our profitability targets by 2021.”

Uber (UBER) has said it is aiming for profitability on an adjusted basis by the end of this year. Like Lyft, which reported its fourth quarter results on Tuesday, Uber saw some improvement from last year’s third quarter, but still saw sales decline due to the ongoing pandemic of the impact on its Rides business. Uber posted fourth-quarter sales of $ 3.2 billion, down 16% from the same period last year.

Uber has continued to rely on Eats, the food delivery service, which saw fourth-quarter revenue increase 224% to $ 1.4 billion from the year before. Rides sales were $ 1.5 billion, down 52% from a year earlier.

The company has been working to strengthen its delivery portfolio in recent months. In July, Uber acquired one of its smaller food delivery competitors, Postmates, for $ 2.65 billion in an all-stock deal. Last week, the company announced that it is acquiring alcohol delivery startup Drizly.

The acquisition is because Uber has abandoned its lofty – and costly – ambitions. The company sold its autonomous vehicle research division and flying taxi business in December.

Uber, which has suffered steep losses in the past, has felt the effects of the pandemic. It cut around 25% of its workforce in multiple layoffs in the first half of last year as the global health crisis strained its core business.

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