The company reported $968 million in losses for the last three months of 2020, including $236 million in stock-based compensation expenses, down from nearly $1.1 billion in the year prior. CFO Nelson Chai said in a statement that Uber remains “well on track to achieving our profitability goals in 2021.”
Uber has continued to lean on Eats, its food delivery business, which saw revenue increase 224% to $1.4 billion in the fourth quarter compared to the year prior. Rides revenue was $1.5 billion, down 52% from a year earlier.
The acquisition spree comes as Uber has abandoned its loftier — and costly — ambitions. The company sold off its autonomous vehicle research division and its flying taxi operations in December.
Uber, which has a history of steep losses, has felt the effects of the pandemic. It cut roughly 25% of its staff over multiple rounds of layoffs in the first half of last year as the global health crisis put pressure on its core business.