Uber reported yet another substantial loss on Monday, however, its chief executive said there is a light at the end of the tunnel when it comes to profitability.

The ride-hailing company revealed a third-quarter loss of $1.16 billion compared to a $986 million loss in the same quarter a year ago.

That prompted Uber shares to slide around 5% in after-hours trading, but Chief Executive Dara Khosrowshahi says it will be profitable by 2021.