Uber lost $1.1 billion by investing in food delivery, driverless cars

Uber continued to lose money as it builds up its food delivery business and develops technology for driverless cars, but revenue for its rides business nearly tripled as the company picked up more passengers around the world.

The ride-hailing giant lost $1.1 billion in the fourth quarter of 2019, about 24 per cent more than the same time last year. The loss amounted to 64 cents per share, which was slightly better than what analysts were expecting.

Analysts polled by FactSet predicted Uber would lose $1.18 billion, or 67 cents per share, during the quarter.

Uber brought in $4.1 billion in revenue, up 37 per cent from a year ago. Its revenue grew around the world, although the biggest gain was in the US and Canada, where Uber pulled in 41 per cent more than last year.