Uber Technologies posts first annual profit since its IPO

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

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.