Uber posts first annual net profit since IPO

SAN FRANCISCO: Ride-hailing giant Uber on Wednesday reported its first annual net profit since the company went public in 2019.

Uber booked a net profit of $1.9 billion in 2023, compared with a loss of $9.1 billion in 2022, according to a statement.

The earnings marked an important milestone for the company, after surviving its tumultuous early years of defying regulators and amassing losses under the stewardship of former CEO and cofounder Travis Kalanick.

“2023 was an inflection point for Uber, proving that we can continue to generate strong, profitable growth at scale,” said current CEO Dara Khosrowshahi.

Uber's customer base was “larger and more engaged than ever, with our platform powering an average of nearly 26 million daily trips last year,” he added.

Over the full year of 2023, Uber reported $37.3 billion in sales, up 17 percent and beating Wall Street expectations, thanks in part to the growing popularity of its food delivery service.

The company's shares were down slightly in trading on Wednesday, but they have doubled in value in the past year.

Uber said it would make announcements about returning capital to shareholders at its Investor Day on February 14.