Uber lost $ 6.8 billion in 2020

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The full-year loss, which Uber reported with its fourth-quarter results on Wednesday, was a significant drop from the $ 8.5 billion lost in 2019. During the year, Uber sold businesses costly, downsized staff and focused on what its CEO had before. called “profitable growth”.

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 the year before . CFO Nelson Chai said in a statement that Uber remains “on track to meet our profitability targets in 2021.”

Uber (UBER) said it aims to achieve profitability on an adjusted basis by the end of this year. Like Lyft, which released its fourth quarter results on Tuesday, Uber saw some improvement over the third quarter of last year, but still saw a decline in revenue due to the impact of the current pandemic on its Rides business. Uber reported fourth-quarter revenue of $ 3.2 billion, down 16% from the same period a year earlier.

Uber continued to rely on Eats, its food delivery business, which saw revenue rise 224% to $ 1.4 billion in the fourth quarter from a year earlier. Grocery sales were $ 1.5 billion, down 52% from the previous year.

The company has worked to strengthen its delivery portfolio in recent months. In July, Uber acquired one of its smaller food delivery competitors, Postmates, for $ 2.65 billion in an all-inventory transaction. Last week, the company announced the acquisition of alcohol delivery start-up Drizly.

The acquisition frenzy comes as Uber has abandoned its higher – and costly – ambitions. The company sold its autonomous vehicle research division and flying taxi business in December.

Uber, which has suffered significant losses, has felt the effects of the pandemic. It slashed its staff by around 25% in several rounds of layoffs in the first half of last year as the global health crisis put pressure on its core business.

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