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Uber lost $6.8 billion in 2020

funnywithfierce

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Uber lost a staggering $6.8 billion last year -- and that's actually good news.

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

During the year, Uber sold off costly ventures, cut staff and focused on what its CEO previously called "profitable growth."

The company reported $968 million in losses for the last three months of 2020, including $236 million in stock-based compensation expenses, down from nearly $1.1 billion in the year prior.

CFO Nelson Chai said in a statement that Uber remains "well on track to achieving our profitability goals in 2021."

Uber (UBER) has said it aims to achieve profitability on an adjusted basis before the end of this year.

Like Lyft, which reported its fourth quarter results on Tuesday, Uber saw some improvement from the third quarter of last year but still experienced revenue declines due to the ongoing pandemic's impact on its Rides business.

Uber posted revenue of $3.2 billion for the fourth quarter, down 16% from the same period a year earlier.

Uber has continued to lean on Eats, its food delivery business, which saw revenue increase 224% to $1.4 billion in the fourth quarter compared to the year prior. Rides revenue was $1.5 billion, down 52% from a year earlier.

The company has worked to beef up 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 it is acquiring alcohol delivery startup Drizly.

The acquisition spree comes as Uber has abandoned its loftier -- and costly -- ambitions.

The company sold off its autonomous vehicle research division and its flying taxi operations in December.

Uber, which has a history of steep losses, has felt the effects of the pandemic.

It cut roughly 25% of its staff over multiple rounds of layoffs in the first half of last year as the global health crisis put pressure on its core business."


Source: Uber lost $6.8 billion in 2020 - CNN
 

O.o

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uber-logo-phone-9814.jpg

Uber lost a staggering $6.8 billion last year -- and that's actually good news.

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

During the year, Uber sold off costly ventures, cut staff and focused on what its CEO previously called "profitable growth."

The company reported $968 million in losses for the last three months of 2020, including $236 million in stock-based compensation expenses, down from nearly $1.1 billion in the year prior.

CFO Nelson Chai said in a statement that Uber remains "well on track to achieving our profitability goals in 2021."

Uber (UBER) has said it aims to achieve profitability on an adjusted basis before the end of this year.

Like Lyft, which reported its fourth quarter results on Tuesday, Uber saw some improvement from the third quarter of last year but still experienced revenue declines due to the ongoing pandemic's impact on its Rides business.

Uber posted revenue of $3.2 billion for the fourth quarter, down 16% from the same period a year earlier.

Uber has continued to lean on Eats, its food delivery business, which saw revenue increase 224% to $1.4 billion in the fourth quarter compared to the year prior. Rides revenue was $1.5 billion, down 52% from a year earlier.

The company has worked to beef up 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 it is acquiring alcohol delivery startup Drizly.

The acquisition spree comes as Uber has abandoned its loftier -- and costly -- ambitions.

The company sold off its autonomous vehicle research division and its flying taxi operations in December.

Uber, which has a history of steep losses, has felt the effects of the pandemic.

It cut roughly 25% of its staff over multiple rounds of layoffs in the first half of last year as the global health crisis put pressure on its core business."


Source: Uber lost $6.8 billion in 2020 - CNN
Have they ever been profitable?
 

ODOREATERS

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How did they lose money when folks were ordering UberEats left and right at the height of the pandemic?
 

SuccessfullyMe

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How did they lose money when folks were ordering UberEats left and right at the height of the pandemic?

Uber is trying to expend into self driving cars/trucks. It hasn't been going well. It keeps their stock afloat in case it does happen, but it's been a money pit so far. Taxi and delivery don't pay that well.
 

Butterflyyy

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How did they lose money when folks were ordering UberEats left and right at the height of the pandemic?

idk, but it might be because a lot of their business came from regular Uber rides. Because of the pandemic, people weren’t as willing to ride in a car with randoms.
 
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Tennessee Slim

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First of all they have never turned a profit lol and secondly I sued tf outta them and won years ago and wish them nothing but a hard time
 

FrontRowSeat

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I stopped using them when they started to charge a small order fee on my Uber Eats orders. The service is as high as the food, it’s pointless.
 

O.o

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Uber is a part of big tech that wants to obliterate workers rights...

Fcuk Uber, Lyft and all other gig worker companies
 

Sherifmn

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Uber is trying to expend into self driving cars/trucks. It hasn't been going well. It keeps their stock afloat in case it does happen, but it's been a money pit so far. Taxi and delivery don't pay that well.

They don't charge enough. Uber's business plan is to undercharge until they have put all of their competitors out of business and then gouge people to make up for the losses. If you actually paid the cost of providing the service, fares would be at least 1/3 higher.
 

SuccessfullyMe

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They don't charge enough. Uber's business plan is to undercharge until they have put all of their competitors out of business and then gouge people to make up for the losses. If you actually paid the cost of providing the service, fares would be at least 1/3 higher.

Uber is expensive af idk where you live, but I can take a regular cab cheaper.
 

gwarlboom

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Damn I remember back in the day when taxi cabs used to fly by us black people in every city I went to go party at while they picked up drunk throwing up white girls even black drivers did this so we we're so happy when Uber, and Lyft came along, but what they would do is when you requested a ride they would cancel when they saw your picture or name so fµck em too.
 

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