Uber announced its first annual net profit
"Strong global growth across the world" has helped Uber achieve its first full-year profit since its initial public offering in 2019.
This was stated by CEO Dara Khosrowshahi during a conversation with analysts, discussing the results of the fourth quarter of 2023 and the entire year, as reported by Phocuswire.com.
The giant's ridership grew by 24% both in the fourth quarter and for the entire year, reaching 2.6 billion and 9.4 billion, respectively. Revenue for the quarter reached $9.9 billion, up 15% from the same period in 2022. Gross bookings increased by 22% year-on-year to $37.6 billion.
These figures helped Uber achieve an annual net income of $1.9 billion in 2023, including $1.4 billion in the fourth quarter. The company stated that this amount included a net tailwind of $1 billion due to "unrealized gains" from the revaluation of its equity investments.
"2023 was a turning point for Uber, proving that we can continue to generate strong, profitable growth at scale," Khosrowshahi said.
As reported by TravelWise, tourists are offered private r ides on an Uber-like plane starting at $111.
