Uber's year-end earnings show the company is still losing money, but it expects to turn things around by the end of 2020. In an earnings call today, Uber CFO Nelson Chai said the company plans to be profitable in the final quarter of this year. "We recognized the significant work remaining to get to this milestone, and our teams are focused on executing our plan," Chai said.
In 2019, Uber lost a whopping $8.5 billion, though nearly half of that ($4.6 billion) includes stock-based compensation expenses related to the company's IPO. Meanwhile, both trips and gross bookings increased by just over 30 percent compared to 2018, and the company's revenue reached $14.1 billion.
Uber expects earnings in the beginning of 2020 to be similar to earnings in the final quarter of 2019. It's later in the year that things will really take off. "Beyond Q1 we are expecting a meaningful improvement in profitability throughout the year, including in Uber Eats," Chai said during the call.
"We recognize that the era of growth at all costs is over," Uber CEO Dara Khosrowshahi said in a press release. "In a world where investors increasingly demand not just growth, but profitable growth, we are well-positioned to win through continuous innovation, excellent execution, and the unrivaled scale of our global platform."