Uber Posts 13% Decline in Revenue for 2020

By Paul Riegler on 10 February 2021
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A ride in an Uber

Uber Technologies announced financial results for the fourth quarter and calendar year 2020.

The company known primarily for its ride-hailing service saw revenue fall by 13% from $13 billion in 2019 to $11.14 billion in 2020.  The company posted a net loss of $6.8 billion, 20% less than its $8.5 billion loss in 2019.

Gross bookings for the year fell by 11% from $65 billion in 2019 to $57.9 billion in 2020 as the number of trips declined by 20% from 6.9 billion to 5.03 billion.

The company’s Eats business grew by 130% in the fourth quarter, the company said, as the coronavirus pandemic kept the indoor dining rooms at restaurants in many cities shuttered.

““While 2020 certainly tested our resilience, it also dramatically accelerated our capabilities in local commerce,” said Dara Khosrowshahi, the company’s CEO, who added that this unit more than doubled over course of the the year to a nearly $44 billion annual bookings run-rate.

(Photo: Accura Media Group)

Accura News

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