Uber suffers $6.8 billion loss in 2020

Uber lost $6.8 billion in2020, a significant drop from the $8.5 billion it lost in 2019, after it sold off costly ventures, cut staff, and focused on what it called "profitable growth."

The company suffered $968 million in losses for the last quarter of 2020, including $236 million in stock-based compensation expenses, down from nearly $1.1 billion in 2019.

According to CFO Nelson Chai, Uber is on track to achieving its 2021 profitability goals.

The company aims to be profitable on an adjusted basis before the year's end.

Uber experienced improvement beginning the third quarter of last year but suffered revenue declines due to the pandemic's impact on its Rides business.

Uber's revenue in the fourth quarter was $3.2 billion, dropping 16 percent from a year earlier.

The company's food delivery business, Eats, saw revenue increase 224 percent to $1.4 billion in the fourth quarter compared to the year prior, while its Rides revenue was $1.5 billion, down 52 percent from 2019.

Uber is beefing up its delivery portfolio, acquiring food delivery competitor, Postmates, for $2.65 billion in an all-stock deal last July. It is acquiring alcohol delivery startup Drizly.

The company has abandoned its autonomous vehicle and flying taxi ambitions, selling off its research division and operations in the said segments in December.

Uber, cut roughly 25 percent of its personnel in the first half of last year as pandemic put pressure on its core business.