Uber stock rises after loss is narrower than expected
Uber Technologies Inc. shares dipped 5% then rose 2% Thursday after the company reported a narrower-than-expected loss and fourth-quarter revenue largely in line with Wall Street estimates.
“2019 was a transformational year for Uber and I’m gratified by our progress, steadily delivering against the commitments we’ve made to our shareholders on our path to profitability,” Uber Chief Executive Dara Khosrowshahi said in a statement following the earnings announcement. “We recognize that the era of growth at all costs is over.
The company has been cutting costs -- whether through more than 1,000 job cuts in three recent rounds to selling its food-delivery service in India to Zomato for a 9.9% stake -- in an aggressive bid to reach make money. Khosrowshahi has vowed to reach adjusted Ebitda profitability in 2021.
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