Uber just posted its first annual profit as a public company

Uber reported its first full year of profit as a public company on Wednesday, marking the end of a time of heavy venture capital subsidies and growth-at-all-costs mantra.

“2023 was an inflection point for Uber, proving that we can continue to generate strong, profitable growth at scale,” CEO Dara Khosrowshahi said in the company’s fourth-quarter earnings release. The rideshare and food delivery giant expects continued growth in the first quarter of 2024.

Uber was profitable for one full year in 2018, before it went public, thanks to its investments. In 2023, Uber got large tailwind from its equity investments to help lead it to profitability, but the company also made money from its operations. For the full year, Uber posted a profit of $1.89 billion on revenue of $37.28 billion.

“We grew our business by improving marketplace health and scaling new products, bolstering our competitive position in key markets,” Khosrowshahi said in his prepared remarks.

https://www.fastcompany.com/91025396/uber-just-posted-its-first-annual-profit-as-a-public-company?partner=rss&utm_source=rss&utm_medium=feed&utm_campaign=rss+fastcompany&utm_content=rss

Created 1y | Feb 7, 2024, 8:50:03 PM


Login to add comment

Other posts in this group

Linda Yaccarino was supposed to tame X. Elon Musk wouldn’t let her

Some news stories are gobsmackingly obvious in their importance. Others are complete nonstories. So what to make of the

Jul 9, 2025, 7:10:07 PM | Fast company - tech
Apple’s next CEO: A new look at Tim Cook’s potential successors after latest exec shakeup

Yesterday, Apple unexpectedly announced the most radical shakeup to its C-suite in years. The company revealed that Jeff Williams, its current chief operating officer (COO), will be departing the

Jul 9, 2025, 4:40:09 PM | Fast company - tech
PBS chief Paula Kerger warns public broadcasting could collapse in small communities if Congress strips federal funding

As Congress moves to make massive cuts to public broadcasting this week, Paula Kerger, president and CEO of the Public Broadcasting Service (PBS), gives an unflinching look at the organization’s f

Jul 9, 2025, 2:30:04 PM | Fast company - tech
These personality types are most likely to cheat using AI

As recent graduates proudly showcase their use of ChatGPT for final projects, some may wonder: What kind of person turns to

Jul 9, 2025, 2:30:04 PM | Fast company - tech