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Uber sees path to profit despite $1.1bn loss

Uber sees path to profit despite $1.1bn loss

Uber’s business continues to grow, but so do its losses.
The firm lost $1.1bn (£851m) in the last three months of 2019, even as revenue jumped 37% to $4bn and the number of trips made on its platform rose by 28%.Spending to expand its Uber Eats food delivery business hurt the firm’s bottom line, reports BBC.

Uber boss Dara Khosrowshahi said he was “gratified” with the progress the firm is making toward profitability.

Adjusted for items such as taxes, the core “ride” part of the business turned a profit in the last three months of last year.

Last month, Uber sold its money-losing India-based food business to competitor Zomato, in exchange for a stake in the start-up.