The Limited Times

Now you can see non-English news...

Uber cuts quarterly losses despite declining revenue due to pandemic

2021-02-10T22:19:14.955Z


Uber lost $ 968 million in the fourth quarter of 2020, up from $ 1.1 billion in the same period last year, despite revenue falling 16% due to travel restrictions linked to the pandemic. Read also: Uber, Deliveroo ... how unions are trying to rebuild their lives with platform workers Its title nevertheless lost more than 2% in electronic exchanges on Wall Street after the close of the stock marke


Uber lost $ 968 million in the fourth quarter of 2020, up from $ 1.1 billion in the same period last year, despite revenue falling 16% due to travel restrictions linked to the pandemic.

Read also: Uber, Deliveroo ... how unions are trying to rebuild their lives with platform workers

Its title nevertheless lost more than 2% in electronic exchanges on Wall Street after the close of the stock market on Wednesday, its results being lower than those expected by the market.

The world leader in the reservation of passenger cars with driver (VTC) has never made a profit.

Before the pandemic, he thought to reach the Grail of profitability in the last quarter of 2020. But in the spring he indicated that this objective would be delayed by several quarters, because of the health crisis.

During this crisis, Uber put the package on meal deliveries, very popular thanks to the lockdowns.

Its delivery branch thus generated revenue of $ 1.4 billion during the holiday season, a jump of 224% over one year.

In contrast, its turnover for its mobility branch - VTC races - plunged 52% to 1.5 billion.

"Uber ended 2020 with major negative impacts for VTC rides because of the resurgence of coronavirus cases, but also a solid and continuous growth of their business in the delivery"

, reacted Eric Haggstrom of the analyst firm eMarketer .

"2021 should be an exceptional year with the vaccination campaigns which will benefit their VTC segment"

, he added.

"A difficult comparison in 2021" for the delivery

In delivery, Uber has expanded well beyond Uber Eats in recent months, notably with the takeovers of Cornershop in Latin America and, last week, of Drizly, a leader in on-demand alcohol deliveries to the States. -United.

But

"the deliveries of meals to restaurants will undergo a difficult comparison in 2021 with last year"

, warned Eric Haggstrom.

“We remain confident in the possibility that our delivery branch will become profitable in 2021,”

nevertheless assured Uber boss Dara Khosrowshahi during a conference call with analysts.

Throughout 2020, Uber's losses amounted to $ 6.8 billion, a 20% improvement from the $ 8.5 billion lost in 2019.

Source: lefigaro

All business articles on 2021-02-10

You may like

Trends 24h

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.