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Uber hopes to become profitable before the end of this year

Uber's latest account report shows that the company continues to lose money. However, estimates point to a more optimistic scenario at the end of 2020, when the North American giant hopes to achieve profitability.

Nelson Chai, the company's financial director, said that the company "recognizes the scale of the work that needs to be done to reach the goal" and underlined that all teams are "focused on executing the plan designed for that purpose".

In 2019, Uber suffered a loss of around 8.5 billion dollars, although half was spent on compensation resulting from the recent public takeover bid.

The number of trips increased by 30% in the last quarter of last year, compared to the same period in 2018, which led the company to reach 14.1 billion dollars in revenue. The figure is expected to be similar in the first quarter of 2020, but Uber believes that revenues will increase substantially by the end of this year, including Uber Eats.

"The era of growth for growth is over. In a world where investors increasingly demand profitable growth, we are in a good position to achieve this goal through innovation, execution and the scale of our global platform," said CEO, Dara Khosrowshahi.