Uber aims to make profits in 2023 as the pain subsides

Thursday, February 9, 2023

Uber's series of strong bookings and growth in revenue after the outage continued in the last quarter of 2022 as lingering demand for food supplies and a rebound in its ride-share business saw results put in line with Wall Street expectation.

Shares rose above 6 percent ahead of the trading.

"strongest quarter ever," - Dara Khosrowshahi

Dara Khosrowshahi is an Iranian-American businessman and the chief executive officer of Uber.

Uber's preferred measure of profitability, adjusted profit before interest, taxes, depreciation and amortization, was $665-million, up $579million between March and July, and the sixth consecutive quarter of positive adjusted ebitda.

"They absolutely knocked it out of the park... Profitable growth in this environment is very important," - Tejas Dessai

Uber relied heavily on the growth of its Eats delivery business, during the Covid pandemic, but its mobility segment topped Eats sales in the first, second and third quarter of 2022, when riders started using more journeys.

For the first time over 100million consumers have taken advantage of the company's mobility services from its core market of ride-sharing scooters to reservations for trains and taxi rides.

Gross reservations for the quarter were $30.7 billion, an increase of 19% from a year ago.

Net profit totaled $595 million, boosted by a profit of $756 million from upgrade of Uber's investment in China's Didi and Singapore-based Grab.

The number of monthly active platform users increased by 11% to 131 million in the fourth quarter from 133 million in the previous year.