time to read 3 minutes

Uber’s delivery offering has got its backINTL

Uber’s delivery offering has got its back

Uber has been whittling away at its operating losses, losing $968m in the fourth quarter compared to $1.1b the prior year.

Surprised to hear that Uber isn’t turning a profit? The company has actually been operating at a loss since its founding 10 years ago. However, thanks to your late-night Uber Eats orders (especially whilst you were home for most of 2020), the delivery side of the business is slowly but surely improving the top line of the company as a whole.

Still, the COVID-19 pandemic dissuaded many would-be riders from getting a car with a stranger. The effect of the virus on Uber’s business model can be seen in its revenue numbers; fourth-quarter revenues came in at $1.48b, down 52% from the prior year.

Shares of UBER were down almost 4% on Thursday.

why it matters
While Uber is still a long way from being profitable, its future prospects are enticing enough to attract both institutional and retail investors.