NEW YORK: Uber Technologies on Thursday stuck to its projection of making an adjusted profit by the end of next year despite the pandemic, as demand for its food-delivery service expanded and its ride-hail business continued its slow recovery.
The company said that cost reductions and margin improvements at its Eats delivery business combined with a return of growth underscored its confidence to achieve quarterly adjusted EBITDA profitability before the end of 2021. Demand for ride-hailing trips, responsible for nearly two-thirds of Uber's revenue prior to the pandemic, continued to recover from an 80 per cent drop in April at the height of the pandemic.
The company has also gradually reduced its stake in noncore business units over the past months. A German company in September acquired Uber's European freight business and Uber has reportedly been seeking options for its Uber Elevate business.
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