Uber promises ‘profit’ milestone this year

Will Uber become profitable soon?

Uber has big plans for the end of 2020: It hopes to finally become profitable. Kind of.

The ride-hailing service announced plans to cut spending and improve profit margins in its taxi and food delivery businesses. As a result, executives expect the company to be profitable, excluding a number major expenses, a year earlier than its previous goal.

This comes from a company that, using conventional accounting, lost $1.1 billion during the fourth quarter, a jump from the $887 million it had lost during the same period a year earlier. For the entire year, by that same measure, it lost an astounding $8.5 billion.


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