Uber Suffered Net Loss of $8.5 Billion USD in 2019

But it hopes to be profitable by the end of 2020.

By
Tech 
6,113 Hypes 2 Comments

Uber has just announced its fourth-quarter financial results for 2019, reporting yet another net loss in what now appears to be a catastrophic year. According to the rideshare giant, the company made a net loss amounting to $1.1 billion USD over the last quarter, an improvement from the $1.2 billion USD loss in Q3 and the whopping $5.2 billion USD net loss over the span of Q2 alone.

In total, 2019 saw Uber lose an incredible $8.5 billion USD, along with the laying off of almost 1,000 of its employees. Despite the rough year, however, the company — which has gone public last year — hopes to become profitable by the end of 2020. Explaining its losses, it also said that $243 million USD was a result of stock-based compensation, and in fact it had managed to bring in $4.1 billion in revenue over the three months ending in December 2019. Uber’s gross bookings also saw a 28 percent year-over-year growth, amounting to $18.1 billion USD.

Elsewhere in business-related news, Twitter has announced record-breaking revenue during Q4 of 2019.

Read Full Article
Source
The Verge

Join Our Discussions on Discord

The HYPEBEAST Discord Server is a community where conversations on cultural topics can be taken further.

101 Users Online

What to Read Next

Medicom Toy Drops Glistening Silver Plated Daruma BE@RBRICK
Design

Medicom Toy Drops Glistening Silver Plated Daruma BE@RBRICK

For good fortune.

1017 ALYX 9SM Drops Dyneema Shell Leather Jacket Exclusively at Browns
Fashion

1017 ALYX 9SM Drops Dyneema Shell Leather Jacket Exclusively at Browns

Limited to just five in the world.

Persol's '60s Classic 649 Model Gets Revived With A.P.C.'s Minimal Parisian-Chic Touch
Fashion

Persol's '60s Classic 649 Model Gets Revived With A.P.C.'s Minimal Parisian-Chic Touch

Available in three retro-tinged colorways.


D Smoke Enlists Snoop Dogg, SiR & More for New Studio Album 'Black Habits'
Music

D Smoke Enlists Snoop Dogg, SiR & More for New Studio Album 'Black Habits'

Take a listen to the ‘Rhythm & Flow’ winner’s latest LP.

Chance the Rapper & Common Named 2020 NBA All-Star Celebrity Game Captains
Sports

Chance the Rapper & Common Named 2020 NBA All-Star Celebrity Game Captains

Guy Fieri, Quavo, Hannibal Buress & more are also set to make appearances.

Nike Prepares a Bright & Bold Spring 2020 Tokyo Running Pack
Fashion

Nike Prepares a Bright & Bold Spring 2020 Tokyo Running Pack

Tapping Tokyo-based artist Keeenue.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.

Help Support Us

We need ads to keep the lights on and to continue providing free news to our readers. We’d appreciate your support by whitelisting HYPEBEAST on your ad blocker. That way you can keep reading all the great stories for free.

If you have already whitelisted us, simply refresh this page. To find out how to whitelist us, click the button below.

Back

Add Us to Whitelist

We appreciate your support in allowing HYPEBEAST ads. Most ad blockers have similar whitelisting steps and settings. If you need assistance, please contact us.

Adblock Plus

  1. Click on the red ABP icon in the upper right corner of your browser.
  2. Click “Enabled on this site” to disable ad blocking for the current site. In Firefox click “disable on HYPEBEAST”.
  3. Refresh the HYPEBEAST page that you were viewing.

Adblock

  1. Click the AdBlock hand icon.
  2. Click “Don’t run on pages on this domain”.
  3. A new “Don’t run AdBlock on…” dialog may be displayed in the middle of the screen.
  4. Move the “Site” slider to the right. After that, click “Exclude”.
  5. Refresh the HYPEBEAST page that you were viewing.

uBlock

  1. Click the uBlock icon.
  2. Click the large blue “power” button in the menu that appears to whitelist the current website.
  3. Reload the HYPEBEAST page that you were viewing.

Firefox Browser

Firefox Tracking Protection may activate our whitelist notice, which can be disabled temporarily for a browsing session by clicking the shield icon in the URL bar and following the instructions.

Disconnect

  1. Click the Disconnect icon.
  2. Click “Whitelist site”.
  3. Refresh the HYPEBEAST page that you were viewing.