Uber creates first operating profit

Uber creates first operating profit

Tue, Aug 1st 2023

Uber’s Journey to Profit: Turning $700M Loss into a Landmark Win in the Ride-Hailing Race.

The ride-hailing service provider Uber has closed its quarter with an operating profit for the first time. Although the company had previously been in the black, it was thanks to special income.

The company announced the outcome in a statement on Tuesday. In the previous year there was still a minus of a good 700 million dollars. From now on, Uber wants to be profitable every quarter, company boss Dara Khosrowshahi emphasised on the US broadcaster CNBC.

The milestone follows years in which operations lost tens of billions of dollars. The bottom line is that Uber posted a quarterly profit of $394 million after being in the red from $2.6 billion a year earlier. Revenue rose 14 percent to $9.2 billion. The ride-hailing and food delivery business grew while freight revenue fell.

Uber also beat expectations with its guidance for the current quarter. The company expects earnings before interest, taxes, depreciation and amortization adjusted for some costs to be between $975 million and $1.025 billion. Analysts had rather expected $915 million. The stock was up around 4 percent in premarket trading.

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