Uber closes the year ‘in the black’ for the first time and makes a billion-dollar profit; see details

Uber It closed the year in black for the first time since its establishment, Achieve annual operating profit of US$1.1 billion by 2023According to the financial statement published on Wednesday (7). The amount, equivalent to R$5.49 billion at the day’s exchange rate, exceeded market expectations.

The result was widely celebrated by the transportation app’s CEO, Dara Khosrowshahi, who called 2023 a “turning point” for the platform. please take note of this the company closed 2022 with a deficit of US$ 1.8 billion (R$ 8.99 billion)as stated by Business Content.

The company also reported Net profit of US$1.9 billion (R$9.49 billion) at the end of last yearAfter recording a significant loss of US$9.1 billion (R$45.4 billion) in 2022. Another highlight of the reporto 24% increase in the number of trips and 15% increase in the number of monthly active users of the servicein the fourth quarter.

“Our target audience is larger and more engaged than ever before Our platform carried out an average of nearly 26 million daily trips last year.”, its CEO commented in a statement. Uber also reported a 15% increase in revenue compared to the previous year.

The CEO’s work stood out

Uber’s good financial result in 2023 was due to: Increasing demand for travel and food delivery services. However, some of the success can also be attributed to the measures taken by Khosrowshahi. Border.

The CEO, who has been in the position since August 2017 when he took over the vacancy left by platform co-founder Travis Kalanick, has made unpopular decisions that have led to more expensive rides, including mass layoffs, investment cuts in some regions and the end of subsidies. . But it has also launched programs like Uber One to attract regular users.

Indications that the company could make more money than it spends began to emerge when it registered its shares in August 2022. first positive cash flow. Analysts think that the platform is preparing a share buyback program that will be launched soon.