Uber sees profit by end of 2020

Uber on Thursday said it plans to turn a profit by the end of 2020.

A year earlier than previously expected.

Company CEO Dara Khosrowshahi revealed the new target on a conference call with investors after the company reported fourth quarter earnings.

Revenue climbed 37% in the quarter fueled by growth in its ride-hailing and food delivery business.

Though high costs at Uber Eats meant the company continued to lose money as it tries to outspend competitors.

Total costs rose more than 25% to about $5 billion in the quarter.

But the company has taken steps to curb its spending habits.

In January, it sold its food-ordering business in India to rival Zomato, dropping a money-losing business and taking a stake in a startup valued at $3 billion.

Uber stock has climbed from its lows last year, but is still trading well below its IPO price.