Uber announced its fourth-quarter 2019 financial results earlier, showing that its revenue in the fourth quarter of last year reached US$41 billion, a 30% increase from US$37 billion in the same period last year, while its net loss was US$11 billion, a 9% increase from the US$24 million loss in the same period last year. However, its adjusted net profit still reached US$37 billion, a 26% increase from US$41 billion in the same period last year.
At the same time, Uber also emphasized in its financial report that about three-quarters of its revenue comes from vehicle reservation services in more than 700 cities around the world, and it has shown positive profits. However, Uber's total expenditure costs increased to US$50 billion, an increase of 25% compared with the same period last year. This includes subsidies to Uber's partner drivers, payments in response to local government policies, related fines and other expenditure items, as well as its own research and development expenses.
In addition to the revenue growth of Uber's business projects, including the food delivery service Uber Eats, which also grew by 14% compared to the previous quarter, subsidies for partner drivers and related promotional expenses also increased relatively, even exceeding the revenue growth rate of Uber Eats itself, which increased by about 4% compared to the previous quarter.
At the same time, Uber also made a number of organizational adjustments in the fourth quarter. In addition to streamlining personnel costs through layoffs, it also sold the Uber Eats business in India toZomato, thereby reducing expenditure cost losses.
Although the financial report did not disclose future outlook targets, Uber expects to achieve pre-tax profit in the fourth quarter of fiscal 2020. This target was originally set to be achieved in the fourth quarter of fiscal 2021.
