Uber announces faster growth despite £851m loss

Global ridesharing platform Uber has revealed that the firm continues to grow, but so do its losses. Uber lost  £851m ($1.1bn) in the last three months of 2019, even as revenue jumped 37% to £3.1bn ($4bn) and the number of journeys made on its app-based platform rose by 28%.

Uber also revealed that spending to expand its Uber Eats food delivery business has hurt the firm’s bottom line across the world.

The firm expects investment in Uber Eats to decline after March this year, as it switches its focus on markets where it can be the number one or number two “player”.

Uber CEO Dara Khosrowshahi said: “We recognise that the era of growth at all costs is over. In a world where investors increasingly demand not just growth, but profitable growth, we are well-positioned to win.”