Uber reported its first full 12 months of revenue as a public firm on Wednesday, marking the tip of a time of heavy enterprise capital subsidies and growth-at-all-costs mantra.
“2023 was an inflection level for Uber, proving that we are able to proceed to generate sturdy, worthwhile development at scale,” CEO Dara Khosrowshahi mentioned within the firm’s fourth-quarter earnings release. The rideshare and meals supply big expects continued development within the first quarter of 2024.
Uber was worthwhile for one full 12 months in 2018, earlier than it went public, due to its investments. In 2023, Uber bought giant tailwind from its fairness investments to assist lead it to profitability, however the firm additionally made cash from its operations. For the complete 12 months, Uber posted a profit of $1.89 billion on income of $37.28 billion.
“We grew our enterprise by enhancing market well being and scaling new merchandise, bolstering our aggressive place in key markets,” Khosrowshahi mentioned in his prepared remarks.
