Uber expects to reach profitability by the end of the year
Uber still lost more than $1 billion in the fourth quarterBy Shawn Knight
In a nutshell: The majority of Uber's revenue - $2.54 billion - came from its operations in the US and Canada. The second biggest income-generating geographical region was Europe, the Middle East and Africa, collectively "EMEA," with $621 million, followed by Latin America with $553 million. The Asia Pacific region was responsible for $359 million in revenue.
Uber in the fourth quarter generated $4.07 billion in revenue, a 37 percent increase over the $2.97 billion it brought in during the year-ago quarter. Even so, the losses continue as the ride-hailing company reported a loss of $1.1 billion in Q4.
Much of the cash Uber has been burning has gone to fuel growth and judging from the numbers, it has been working.
In the three-month period ending December 31, 2019, Uber had 111 million monthly active platform consumers (MAPCs), or users. That's an increase of 22 percent year-over-year as Uber had just 91 million monthly active users at the end of 2018.
Conversely, trips were up, too. Uber said it conducted 6.9 billion trips during the fourth quarter, a 32 percent increase over the 5.2 billion rides it gave during the same period a year ago.
CEO Dara Khosrowshahi in a conference call with investors on Thursday said the company aims to cut costs, generate more repeat customer business and increase the use of premium services to reach profitability by the fourth quarter of 2020, a year earlier than previously forecasted.
Uber's stock is up 8.77 percent as of writing, trading at $40.30 a share on the news.
Image credit: Uber car by MikeDotta, Dara Khosrowshahi by Frederic Legrand.