In the News
Uber makes first annual operating profit
This is a seismic event: Uber has, at last turned a profit. Last year's $1.8 billion operating loss has become a $1.1 billion operating profit after 14 years in operation since it was founded in 2009.
However, up until this point its cumulative losses have been significant, so you might ask how has it remained in business - i.e. who has been prepared to fund the company all this time - and what's changed. In the latter case, revenues have grown as a result of increased demand for journeys and deliveries, to the extent that it made made $40 billion in revenues in the final quarter of 2023, with the company's cut around a quarter of that.