Business

Uber lost $ 6.8 billion in 2020

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Vehicle calling app Uber, one of the companies negatively affected by the pandemic, lost $ 6.8 billion last year.

According to the news on CNN International, Uber’s announced annual loss along with its fourth-quarter results represents a significant decrease compared to the $ 8.5 billion it lost in 2019.

Last year, Uber got rid of costly initiatives, cut staff and focused on “profitable growth” to reduce the massive loss from the previous year. “We continue to make progress towards achieving our profitability targets in 2021,” CFO Nelson Chai said in a statement.

Uber is in a slightly better recovery process compared to 2019, but its revenues have declined due to the impact of the pandemic on the “Rides” business. Rides’ revenue declined 52 percent to $ 1.5 billion.

Revenue from the company’s Eats food delivery business for the fourth quarter was $ 1.4 billion, up 224 percent compared to the same period last year.

Uber has tried to grow its delivery portfolio in recent months. In fact, in July, it bought Postmates, a small-scale food delivery competitor, for $ 2.65 billion. Last week, the company bought Drizly, an alcoholic beverage delivery company.

The company sold its autonomous vehicle research unit and flying taxi operations last December.

Uber, which has suffered severe losses in the past, cut about 25 percent of its staff in the first half of last year due to the effect of the corona virus.

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