Uber ended the year with a profit for the first time since its IPO – Kommersant
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In 2023, the net profit of the online taxi ordering service Uber amounted to $1.9 billion – against a loss of $9.1 billion a year earlier. This is the first annual profit since the IPO in 2019. Revenue in 2023 grew by 17%, reaching $37.3 billion. In the fourth quarter, Uber’s net income increased by 140%, to $1.4 billion, and revenue increased by 15%, to $9.9 billion.
According to experts, current performance indicates that Uber has ended the period during which it actively invested in business development, despite negative financial results. According to S&P Global Market estimates, Uber’s total operating losses from 2016 to the beginning of 2023 exceeded $30 billion. The company began reducing losses back in 2019, but then the pandemic hit its business hard. Now demand for transportation is growing: in the fourth quarter, the total volume of transactions in the application grew by 22%, amounting to $37.6 billion.
Uber shares are down 1.4% today, but their price has nearly doubled over the past 12 months.
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