Uber CEO says ‘era of growth at all costs is over’ after losing $8.5 billion last year

Dara Khosrowshahi

New York (CNN Business)Uber practically wrote the playbook for raising and burning through billions of dollars in venture capital in search of rapid growth around the world. Now, the company recognizes it needs to change its approach and stop bleeding money.

On Thursday, the ride-hailing company reported losing $1.1 billion in the final three months of 2019, driven in part by stock-based compensation. In total, Uber lost a staggering $8.5 billion in 2019.
“We recognize that the era of growth at all costs is over,” Dara Khosrowshahi, Uber’s CEO, said in a statement with the earnings report. “In a world where investors increasingly demand not just growth, but profitable growth, we are well-positioned to win through continuous innovation, excellent execution, and the unrivaled scale of our global platform.”
On a conference call with analysts Thursday, Uber executives bumped up their expectation for achieving profitability, excluding certain costs, to the end of 2020. Previously, the company had said it expected to be in that position by 2021.

New York (CNN Business)Uber practically wrote the playbook for raising and burning through billions of dollars in venture capital in search of rapid growth around the world. Now, the company recognizes it needs to change its approach and stop bleeding money.

On Thursday, the ride-hailing company reported losing $1.1 billion in the final three months of 2019, driven in part by stock-based compensation. In total, Uber lost a staggering $8.5 billion in 2019.
“We recognize that the era of growth at all costs is over,” Dara Khosrowshahi, Uber’s CEO, said in a statement with the earnings report. “In a world where investors increasingly demand not just growth, but profitable growth, we are well-positioned to win through continuous innovation, excellent execution, and the unrivaled scale of our global platform.”
On a conference call with analysts Thursday, Uber executives bumped up their expectation for achieving profitability, excluding certain costs, to the end of 2020. Previously, the company had said it expected to be in that position by 2021.