UBER FORECASTS QUARTERLY PROFIT BY YEAR END

SAN FRANCISCO: Uber Technologies Inc. said it will deliver a first-ever quarterly profit by the end of the year, signalling that cost-cutting measures are exceeding even the company’s own recent expectations. The company will become profitable, on an adjusted basis, by the fourth quarter of 2020, Dara Khosrowshahi, the chief executive officer, said on a conference call to discuss financial results Thursday. A previous plan set this goal for 2021. The stock was up about 5% in extended trading. The drive toward profitability is likely to take a toll on growth.