Uber shared that customers booked 2.6 billion trips during the last three months of 2023|Elliott Brown|CC BY-SA 2.0
Uber Technologies reported its first full-year net profit after going public in 2019, marking a landmark moment for the company that has spent billions of dollars of investors’ money in a bid to expand globally.
The ride-hailing company forecasts strong growth in the first quarter of 2024 after seeing an improvement in user retention last year.
The milestone has investors speculating if the company will pay out a dividend or offer to buy back shares.
The ride-hailing company recorded a profit of $1.43 billion in the last quarter of 2023, aided by $1 billion from equity investments and income from operations. This turnaround was previously seen in 2018 due to investments.
In the last quarter of 2023, Uber’s ride-sharing and food-delivery services showed robust demand, with a 22% increase in app transactions—totaling $37.58 billion. The company shared that customers booked 2.6 billion trips during the last three months of 2023.
Despite its achievements, Uber faces regulatory hurdles, particularly in its food-delivery segment.
New laws in cities like New York and Seattle have prompted adjustments, such as additional fees, to offset rising costs.