Business

Uber's first income statement after revenue shows another $ 1 billion lost




Uber Eats showed significant growth in 2019, generating over $ 536 million in the first quarter and 89 percent over the year. The growing popularity of Uber Eats is a mixed blessing for the company, which ends up paying restaurants and drivers more than it earns from users. For Ubers ridesharing activities, growth was more modest. Adjusted net income for rideshare increased by 1[ads1]0 per cent from this time last year.

The Rideshare company saw the growth in all continents except Latin America, where it took 13 percent in revenue from the last quarter. Uber is in nine countries in the region, including Brazil, Peru, Mexico, Columbia and Costa Rica. The company faces fierce competition from Chinese-owned Didi in Mexico and locally owned 99Taxis in Brazil, as well as a number of other regional apps.



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