Uber sees profit by end of 2020, but still expects full-year loss

By Tina Bellon and Munsif Vengattil (Reuters) - Uber Technologies Inc on Thursday moved forward by a year its target to achieve a measure of profitability to the fourth quarter of 2020, but the ride-hailing company still expects to lose a total of more than $1 billion (£774 million) this year. Uber shares were up 5% in after-hours trading on the news, with Chief Executive Officer Dara Khosrowshahi saying the company would cut costs, aim to generate more repeat-customer business and try to increase use of premium ride services

The post Uber sees profit by end of 2020, but still expects full-year loss appeared first on Firstpost.

from Firstpost https://ift.tt/2v9UhAX