Uber made its first annual profit of $1.9 billion and reached a market value of $150 billion
The company's shares reached new heights thanks to rising demand for transportation and delivery services, as well as the development of its advertising business.
Uber reported net income of $1.9 billion in 2023, after losses in in the amount of $9.1 billion in 2022. Chief Executive Dara Khosrowshahi called the results a breakthrough for the company, highlighting its ability to continue to grow and generate significant profits.
Uber shares rose 1% by midday in New York and doubled in value over the past 12 months, reaching $150 billion.
5 years after failure
According to information from the Financial Times, 5 years have passed since Uber's failed IPO attempt. Since then, the company has been plagued by large losses and doubts about its business model. However, since emerging from the pandemic, Uber has cut costs and its margins have increased.
- Uber - ride-hailing company
- Lyft - competing ride-hailing company
- DoorDash - food delivery company