Uber has announced that its food delivery platform has experienced a 224% year-on-year revenue increase for Q4 2020.
Despite the £984m in global revenues, the firm’s delivery arm posted an adjusted EBITDA loss of £105m for the period.
While Uber’s delivery business did experience losses during the quarter, these had been reduced by £229m year-on-year, and £27.5m quarter-on-quarter.
Dara Khosrowshahi, CEO at the group, said: “While 2020 certainly tested our resilience, it also dramatically accelerated our capabilities in local commerce, with our delivery business more than doubling over the year to a nearly $44bn (£31.8bn) annual bookings run-rate in December.”
However, the firm’s food-delivery growth was not enough to offset the 52% fall in revenues to its rideshare operations that stemmed from bookings falling by half.
In total, Uber said its group revenue had fallen 16% when compared to 2019 levels, while also posting an adjusted EBITDA loss of £328.5m for the period.
Khosrowshahi added: “We made some big moves this year, acquiring businesses like Cornershop and Postmates while divesting others like ATG and Jump, and structurally lowering our cost base.
“These decisions have resulted in a much more focused and ultimately stronger company. In Q4 we continued to deliver improving adjusted EBITDA performance, up $171m (£123.7m) quarter-over-quarter, and remain well on track to achieving our profitability goals in 2021.”