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Uber sees profit by end of 2020, but still expects full-year loss – Source Reuters Tech News

(Reuters) – Uber Technologies Inc (UBER.N) 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 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.

He also said Uber would accelerate growth at the company’s loss-making food delivery business, Uber Eats, to become the top player in most of its worldwide markets, eventually increasing the segment’s margins, currently a drag on Uber earnings.

Khosrowshahi revealed the new profitability target on a conference call with investors after the company reported results for the fourth quarter of last year, in which it continued to lose money, but increased its customer base.

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Source Reuters Tech News

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