For the first time since Uber went public, the ride-hailing service posted its first full-year profit, and its stock hit an all-time high on Wednesday. “Similar to its final year as a private company, the last time Uber was profitable, the company received a strong tailwind from investments that drove profits, reaching $1 billion in 2023,” the Associated Press said. Reported. “What's different is that Uber has started making money from operations.” From the report: Uber and other ride-sharing companies have struggled during the COVID-19 pandemic. The company's stock was recently added to the S&P 500 index, but its ride-hailing business stalled as government lockdowns kept millions of people at home. But Uber has focused on cutting costs and building out its then-nascent food delivery division during the pandemic, which has since become a major revenue driver. Meanwhile, Uber's ride-hailing service is slowly recovering, and its fourth-quarter numbers suggest both are moving in the right direction.
Delivery revenue increased 6%, and rideshare revenue increased 34%. Industry analysts also noted the growth of the company's membership platform. “Uber One currently has approximately 19 million members in 25 countries. Uber One members generate approximately 30% of total mobility and delivery bookings, with year-on-year growth,” said Ralph Schuckert of William Blair. “This is an increase of approximately 700 basis points.” , which exceeded Wall Street forecasts at $9.75 billion. Gross bookings rose 22% year-over-year to $37.6 billion, and for the year, Uber posted a profit of $1.89 billion (87 cents per share), with revenue of $37.28 billion. It was ten million dollars.