Uber Shares Rise On Narrower-Than-Expected Loss, Slight Revenue Beat

Uber's quarterly loss of 64 cents per share was better than the consensus estimate of 68 cents. Revenue came in at $4.1 billion for the fourth quarter.
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Uber  (UBER) - Get Report shares were rising 3% in after-hours trading Thursday after the ride-hailing firm posted a narrower-than-expected loss and slightly higher revenue than was expected. 

For the fourth quarter, Uber reported a net loss of 64 cents versus a loss of 68 cents per share expected by Wall Street analysts. Revenue came in very slightly higher than analysts' forecasts, at $4.1 billion in quarterly revenue versus forecasts of $4.069 billion, according to FactSet.  

Gross bookings came in at $18 billion, in line with estimates and representing year-over-year growth of 28%. 

“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 in a press release. 

Uber has been focused on cost-cutting measures over the past several months in a bid to shrink its losses and become profitable. 

Those have included multiple rounds of layoffs, and the recent sale of Uber Eats in India to local food delivery competitor Zomato. 

"Our focus on disciplined capital allocation is part and parcel to achieving our financial goals, and the recent sale of our India Eats business further demonstrates that commitment,” said Uber CFO Nelson Chai in a statement.