Uber has reported its first annual profit since going public, signaling a significant shift from its earlier strategy of heavy venture capital subsidies and a growth-at-all-costs approach. CEO Dara Khosrowshahi highlighted the milestone, stating that 2023 marked an inflection point for Uber, demonstrating its ability to achieve strong, profitable growth at scale. This success comes after years of heavy investments and strategic shifts in the rideshare and food delivery giant’s business model.
While Uber had experienced profitability in 2018 before its initial public offering, 2023 stands out as a year where the company achieved sustained profitability, not solely relying on investments but generating income from its core operations. The financial results for the full year 2023 reveal a profit of $1.89 billion on a revenue of $37.28 billion, showcasing Uber’s capacity to thrive in a competitive market by enhancing marketplace health and introducing new scalable products.
Looking ahead, Uber anticipates continued growth in the first quarter of 2024, reflecting its strengthened competitive position and ongoing efforts to diversify and expand its services. As Uber evolves beyond its earlier phase of rapid expansion, these financial achievements mark a strategic shift towards sustainable and profitable growth.