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Dubai, United Arab Emirates (CNN) – Uber has reported losses of $ 6.8 billion in 2020.
The full-year loss, which Uber reported alongside its fourth-quarter results on Wednesday, is a significant drop from the $ 8.5 billion it lost in 2019.
During the year, Uber sold costly projects, cut staff and focused on what its former CEO described as “profitable growth.”
The company reported losses of $ 968 million for the last 3 months of 2020, including $ 236 million in equity-based compensation expenditures, down about $ 1.1 billion from the previous year.
The company’s chief financial officer, Nelson Chai, said in a statement that Uber was “still on the right track to achieve our profitability goals in 2021.”
Uber said it aims to achieve profitability on a modified basis before the end of this year. Like Lyft, which announced its fourth-quarter results on Tuesday, Uber saw some improvement from the third quarter of last year but is still experiencing a drop in revenue due to the impact of the ongoing pandemic on its Rides business. Uber reported $ 3.2 billion in revenue for the fourth quarter, down 16% from the same period the previous year.
Uber continued to rely on its Ets business, its food delivery service, which saw revenues increase by 224%, to reach $ 1.4 billion in the fourth quarter compared to the previous year. Rides revenue was $ 1.5 billion, down 52% from the previous year.
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