These bookings, which refer to the total value of rides and goods sold via Uber, came in at $23.11 billion during the last quarter, up 57% from the prior-year period. Chai is targeting $90 billion in annual gross bookings by the end of the year. About 800 people work in finance, up from around 500 when Mr.
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Drivers aren’t classified as employees, so they aren’t included in the tally. Uber had 24,700 employees in the quarter ended Sept. The move involved about 20 actions, including exits and deals to sell operations to rivals, a spokesman said.Īs it works to regain ground lost during the onset of the pandemic, the company expects some increases in head count over time, but those will be limited, Mr. The company last year pulled out of a number of countries where it didn’t see itself achieving a market-leading position, Mr. The company also sold various assets, including its autonomous driving unit and its bikes and scooters business, while holding on to its freight business. Uber’s ride-sharing business suffered heavily during the pandemic-with bookings temporarily falling as much as 80%-prompting the company to cut costs by about $1 billion, in part by laying off workers. “They have to strike a balance between investing in a competitive delivery market and proving to the Street that there is a high-margin business with cross-platform synergies underneath the hood." “Uber is a growth company, but it’s about profitable growth," he said. Investors would like to see margin and market-share gains after years of hefty losses, said Nikhil Devnani, an analyst at Sanford C. Chai declined to comment on when Uber could report a net profit based on the strength of its operations rather than investment gains.
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The company, which is still working to get to positive free cash flow, plans to update investors on its profitability targets and spending plans in February.
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Chai, who has been Uber’s CFO since 2018, after stints as chief executive at CIT Bank and Warranty Group and as finance chief at Merrill Lynch during the financial crisis and NYSE Euronext before that. “We have an intention to get to GAAP profitability," said Mr. Uber has posted a net profit under generally accepted accounting principles twice, first in 2018 and again during the second quarter of this year thanks to unrealized gains on investment holdings. The company’s quarterly net loss, however, widened to $2.42 billion from $1.09 billion during the prior-year period, largely dragged down by a loss from its equity investments in companies such as Chinese ride-hailing company Didi Global Inc.