Uber lost $6.8 billion in 2020

Uber lost a staggering 6.8 billion dollars last year — and that’s actually good news.

The loss represented a drop from the 8.5 billion dollars it lost in 2019. Uber experienced revenue declines due to the ongoing pandemic’s impact on its Rides business.

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

The company 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 dollars in an all-stock deal. The company recently 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.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.