Uber expects gains at latter part of 2020 but braces for year of decline
07.02.2020 - Evdokimov Roman
Uber expects gains at latter part of 2020 but braces for year of decline

Uber Technologies Inc (UBER. N) adjusted its target with an aim of achieving its profitability by the end of the year, but the ride hailing firm anticipates a major decline estimating up to $1 billion or more this 2020.

Uber shares advanced greatly up to 5% in after-hours session. Such activity followed after Chief Executive Officer Dara Khosrowshahi disclosed the company’s plan of cost cutting as a measure to gain more repeat-customer opportunities and to boost the utilization of premium ride services.

Khosrowshahi added that Uber would maximize and implement measures to cap loss at the company’s declining food delivery service, Uber Eats. The scheme is to transform the service as the top player in the global industry, advancing the overall segment’s earnings of the company since the service drags the company’s overall performance.

The CEO also revealed the new target profit on a conference call with associates and investors following disappointing results of 2019’s fourth quarter. Figures disclosed that the company met sharp setbacks at the latter part of 2019 but had its customer base greatly advanced.

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from Umarkets.com or Market Solutions limited." Cookies notification: “We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Continue
×

Help with deposit?