Uber expects profit by end of 2020, but with full-year loss

Uber Technologies Inc moved forward by a year its target to achieve a measure of profitability to the fourth quarter of 2020, but the ride-hailing company still expects to lose a total of more than one billion USD this year.

Chief Executive Officer Dara Khosrowshahi said the company would cut costs, aim to generate more repeat-customer business and try to increase use of premium ride services.

He also said Uber would accelerate growth at the company’s loss-making food delivery business, Uber Eats, to become the top player in most of its worldwide markets, eventually increasing the segment’s margins, currently a drag on Uber earnings.

Uber in November promised to be profitable on an adjusted basis by the end of 2021, excluding expenses for stock-based compensation and other items.

Via Reuters