Uber brought in $4.1 billion in revenue, up 37%
from a year ago. Its revenue grew around the
world, although the biggest gain was in the U.S.
and Canada, where it pulled in 41% more than
last year.
Because of the company’s progress in 2019
and its plans this year, Uber expects to turn a
profit in the fourth quarter of 2020, CEO Dara
Khosrowhsahi said in a conference call with
investors. That’s sooner than the projection
during the last earnings call when he said the
company would turn a full-year profit in 2021.
Khosrowshahi called 2019 “a transformational
year for Uber.”
“We recognize that the era of growth at all costs
is over,” he added.
Uber’s Eats business lost $461 million in the
quarter before accounting for interest, taxes,
depreciation and amortization, down 66%
from the same time last year as Uber poured
money into growing the business in a highly
competitive food delivery market.
In January, Uber sold its Eats business in India
to Zomato, a popular food app, a move that its
executives hope will stem some of the losses.
“Right now, the Eats business has had a
tornado-like impact on profitability,” said Dan
Ives, managing director of equity research at
Wedbush Securities.
In the U.S., Uber has been focused on improving
restaurant selection and has almost 400,000
restaurants on the Eats platform, up 78% on a
year-on-year basis, Khosrowshahi said.
The fourth quarter was marked by painful
disclosures at Uber. In December, it released a