Uber has reported its first annual operating profit, marking an “inflection point” in the tumultuous history of the ride-sharing company and sending its shares to fresh highs.
The San Francisco-based company’s earnings on Wednesday surpassed analysts’ expectations, thanks to strong demand for ride-hailing and deliveries, as well as its growing advertising business.
Operating profit in 2023 was $1.1bn, compared with a $1.8bn loss in 2022, with fourth-quarter operating income of $652mn comfortably beating forecasts. Uber also reported a net profit of $1.9bn for 2023 compared with a $9.1bn loss in 2022.
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