Uber loses $1.1B investing in food delivery, driverless cars

CATHY BUSSEWITZ AP Business Writer NEW YORK (AP) — Uber is still losing money as it expands its food delivery business and develops technology for driverless cars. But revenue for its rides business nearly tripled in the final three months of last year as the company picked up more passengers around the world. That prompted it to say it will turn a profit earlier than it expected. The San Francisco-based ride-hailing giant lost $1.1 billion in the fourth quarter of 2019, about 24% 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% from a yea