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Uber Technologies 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.

Vodafone Group will hand over management of its Ghana unit to the UK carrier’s separately listed South African division in April, the latest step to bring the company’s operations on the continent under one roof.

Since their peak in 2016, shares in EOH – which describes itself as Africa’s largest technology service provider – have plunged by an eye-watering 97%. They have lost more than 50% in the value since 1 January alone.