Uber Technologies Inc. shares dipped 5% then rose 2% Thursday after the company reported a narrower-than-expected loss and fourth-quarter revenue largely in line with Wall Street estimates.
The losses continued to mount for Uber UBER, +0.76%, which reported revenue of $4.07 billion, in line with expectations of $4.07 billion from analysts polled by FactSet.
See also: Uber earnings preview: Another big loss is expected, but so is cost-cutting
The ride-hailing service said it lost $1.1 billion, or 64 cents per share, compared with FactSet estimates of a loss of 68 cents per share. With its latest money-losing quarter, Uber has lost approximately $8.5 billion since its May 2019 initial public offering.
“2019 was a transformational year for Uber and I’m gratified by our progress, steadily delivering against the commitments we’ve made to our shareholders on our path to profitability,” Uber Chief Executive Dara Khosrowshahi said in a statement following the earnings announcement.
Gross bookings, a key measurement of the company’s overall business, grew 28% year-over-year to $18.1 billion in the quarter. Another indicator, monthly active platform consumers, surged 22% to 111 million.
The company has been cutting costs — whether through more than 1,000 job cuts in three recent rounds to selling its food-delivery service in India to Zomato for a 9.9% stake — in an aggressive bid to reach make money. Khosrowshahi has vowed to reach adjusted Ebitda profitability in 2021.
Uber shares have tumbled 11% since the company went public on May 10, 2019, compared to a gain of 16% for the broader S&P 500 SPX, +0.33% .
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