Uber (3)

Uber has reported a $1.1 billion loss for the final three months of 2019 despite strong growth in revenue.

The ride-sharing app saw revenues soar 37% to $4bn as the number of trips made on the platform rose 28%.

Uber said investment in expanding its Uber Eats service affected its bottom line. Its boss Dara Khosrowshahi said he was “gratified” with its progress towards profitability.

“We recognize that the era of growth at all costs is over,” he said.

“In a world where investors increasingly demand not just growth, but profitable growth, we are well-positioned to win”.

It pledges to hit its profits targets in 2020, which boosted investor confidence and resulted in shares rising 4% in after-hours trading.

Earlier in 2019, it had reported a $5bn loss in the three months to June shortly after joining the stock market. In April, it warned it may never make a profit.

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