Uber, the ride hailing app based taxi posted a loss of about 6.8 billion dollars last year.
This is better than the $8.5 billion it lost in 2019.
The company attributes this improvement to it’s delivery business and a slight recovery in it’s ride hailing business.
CEO Dara Khosrowshahi while commenting on the results said there are “many many opportunities” in the mobility segment as different regions recover from the pandemic. Timing for a full-blown recovery of the mobility business is highly dependent on when cities open up again, he added.
In August last year, Uber acquired a marketplace tech company, Autocab, that connects riders with local taxi operators. Khosrowshahi suggested that as travel and commuting begins to increase, taxis will be looking to tap into demand and Uber can benefit.
The CEO worried whether Uber would have enough drivers to meet the demand he expects to encounter in the mobility segment as the pandemic wanes.
Earlier this month, the company announced plans to acquire on-demand alcohol delivery app Drizly, which the company plans to integrate into Uber Eats, its food-delivery service.
Follow us on:
NIgeria's federal government and organised labour have signed an agreement on the new minimum wage…
A significant escalation in the ongoing conflict between Israel and Hezbollah has occurred following an…
Africa’s largest gathering of creative industry professionals, CANEX WKND, is taking place from October 16-19,…
Sri Lankans are casting their votes in a significant presidential election on Saturday, the first…
Governor Caleb Mutfwang of Plateau State has reaffirmed loyalty to the Peoples Democratic Party (PDP),…
The Nigerian National Petroleum Company Limited (NNPC) has resumed discussions with investors towards bringing back…