Uber Technologies posts first annual profit since its IPO
Mint Mumbai|February 08, 2024
Uber Technologies posted its first full-year profit as a public company last year and projected continued growth in the first quarter of 2024, marking the end of an era in which the ridesharing and food-delivery company gave priority to growth over profits.
Preetika Rana
Uber Technologies posts first annual profit since its IPO

The company had a profit of $1.43 billion in 2023, which included a $1 billion benefit from its equity investments as well as income from its operations. The company turned an annual profit once before, in 2018, on the back of its investments, but it wasn't earning money from its operations until now. The company went public in 2019.

"2023 was an inflection point for Uber, proving that we can continue to generate strong, profitable growth at scale," Chief Executive Officer Dara Khosrowshahi said in prepared remarks.

The company's performance in the last three months of 2023 suggests that demand for its ride-sharing and fooddelivery services remains strong. The total value of transactions on its app grew to 22% $37.58 billion. Uber's revenue, or its cut from those transactions, increased 15% to $9.93 billion. The quarterly figures were slightly higher than Wall Street's expectations.

هذه القصة مأخوذة من طبعة February 08, 2024 من Mint Mumbai.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة February 08, 2024 من Mint Mumbai.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من MINT MUMBAI مشاهدة الكل
Mint Mumbai

Air fares in Sep quarter rise, Q3 may be worse

Multiple public holidays have sparked demand for short trips to domestic destinations, said Indiver Rastogi, president & group head of global business travel at Thomas Cook (India) and SOTC Travel. This year, Independence Day, Janmashtami, Onam, Eid and Ganesh Chat-

time-read
1 min  |
July 16, 2024
Yes, the world is hotter than it has been in 2,000 years or so
Mint Mumbai

Yes, the world is hotter than it has been in 2,000 years or so

A scientific study of tree rings confirms global warming is for real

time-read
3 mins  |
May 20, 2024
As a non-resident, is there a tax liability on exiting Indian MFs?
Mint Mumbai

As a non-resident, is there a tax liability on exiting Indian MFs?

I have been investing in mutual funds for the past four years. Last year, I moved to Dubai and am currently a non-resident Indian NRD). Say, if] exit all my mutual fund investments now, would I have zero tax liability? —Name withheld on request.

time-read
1 min  |
May 20, 2024
Mergers off but PSB privatization still on
Mint Mumbai

Mergers off but PSB privatization still on

T 'he Centre doesn't have any plan to merge public sector banks (PSBS) in FY25, though it will not ditch plans to privatize PSBs during the fiscal, two people aware of the matter said.

time-read
2 mins  |
May 20, 2024
Think Tesla Is In Trouble? Pity Even More Its Wannabe EV Rivals
Mint Mumbai

Think Tesla Is In Trouble? Pity Even More Its Wannabe EV Rivals

The combined market value of six prominent wannabes hit 400bn in 2021, but today they are worth 65bn

time-read
7 mins  |
April 09, 2024
Has The Growth Of Our Economy Translated Into Domestic Jobs?
Mint Mumbai

Has The Growth Of Our Economy Translated Into Domestic Jobs?

While the covid shock and other setbacks got in the way, data indicates that employment in India is on a firm recovery path

time-read
4 mins  |
April 09, 2024
Financial Sector Reforms Plan To Be Unveiled Post Elections
Mint Mumbai

Financial Sector Reforms Plan To Be Unveiled Post Elections

The govt will cut its stake in five PSBs this fiscal to comply with Sebi’s listing guidelines

time-read
2 mins  |
April 09, 2024
Generative AI Is Not Ubiquitous In The Business World-Not Yet
Mint Mumbai

Generative AI Is Not Ubiquitous In The Business World-Not Yet

While some AI tools racked up users, some firms are proceeding with caution, or not at all

time-read
4 mins  |
April 09, 2024
Wipro’s CEO switch was not about its share price
Mint Mumbai

Wipro’s CEO switch was not about its share price

Shareholder value data does not explain the firm's change on top. In a flux-filled field like infotech, business performance counts for more and Wipro's challenge still seems quite steep

time-read
2 mins  |
April 09, 2024
Mint Mumbai

How not to blow a major chunk of your travel budget on visas

Rejection of visas can impact your travel costs, especially when you have to cancel flight and hotel bookings

time-read
5 mins  |
April 09, 2024