Ride-hailing giant Uber reported a 28% increase in the number of trips made on the platform in the last quarter of 2019, with revenue up 37% increase to $4 billion.
The company reported an increase in monthly active users to 111 million globally.
Despite drawing in more customers and a boost in revenue up, the firm reported a loss of $1.1 billion. However, the picture was overall seen as positive to investors, with shares in the company up 5% in after-hours trading.
“2019 was a transformational year for Uber and I’m gratified by our progress, steadily delivering against the commitments we’ve made to our shareholders on our path to profitability,” said Dara Khosrowshahi, CEO.
“We recognize that the era of growth at all costs is over. 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.”
“Our revenue growth continued to accelerate in Q4, with adjusted net revenue up 43% year-over-year in constant currency,” said Nelson Chai, CFO.
“We consistently outperformed our adjusted EBITDA targets in 2019, including in the fourth quarter. Our focus on disciplined capital allocation is part and parcel to achieving our financial goals, and the recent sale of our India Eats business further demonstrates that commitment.”
Dara Khosrowshahi told investors that the company will aim to reduce costs and try to boost the use of its premium ride services.
“Our progress in 2019 and our 2020 plans give me the confidence to challenge our teams to accelerate our EBITDA profitability target from full-year 2021 to Q4 2020,” Khosrowshahi said on a conference call with investors.
