Uber woos more riders, foodies as revenue soar 37pc in Q4

Uber has attracted more customers towards its ride-hailing service as well as Uber Eats, resulting in a 37 per cent increase in revenue (year-over-year) that hit $4.1 billion in the fourth-quarter of 2019.

However, the company reported a net loss of $1.1 billion, which includes $243 million in stock-based compensation expense -- from $887 million loss a year earlier.

Gross Bookings grew $4 billion (year-over-year) to $18.1 billion, representing 28 per cent growth -- with Rides and Eats growing 20 per cent and 73 per cent year-over-year, respectively, the company said in a statement late Thursday.

"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," said Uber CEO Dara Khosrowshahi.

"We recognize that the era of growth at all costs is over," he added.

Uber last month divested its Eats business as Zomato acquired its food delivery business in India for nearly Rs 2,500 crore.

Uber took 10 per cent stake in Zomato, "in-line with our strategy to focus on markets where we can achieve a leading position".

The company said its monthly active users (MAUs) increased to 111 million globally.

High-priority new markets (Argentina, Germany, Japan, South Korea and Spain) delivered Gross Bookings growth in Q4 that was more than four times overall Rides Gross Bookings growth, said the company.

"In Q4 2019 our airport business outgrew overall Rides. We now serve over 650 airports globally and continue to see our airport riders prefer our premium products," Uber added.

In 2020, we will continue to roll out our PIN product (riders receive a PIN and take it to the driver next in line rather than seeking out a specific driver), which has been well-received by riders and by airports.

Uber last year acquired the Dubai-based rival Careem for $3.1 billion, which will comprise $1.7 billion in convertible notes and $1.4 billion in cash.