Uber logs first-ever operating profit

Logo of Uber

Uber Technologies reported its first-ever operating profit in the second quarter of 2023, lifted by better “cost discipline”, marking a milestone in its long-term efforts to stem losses of $31.5 billion since the company first reported its financials in 2014.

In Q2 2023, the ride-hailing service provider reported a pre-tax profit from its operations of $326 million, compared to an operating loss of $713 million in the year-ago period.

The San Francisco-based company's revenue rose 14% year-on-year (YoY) to $9.23 billion during the same period, just short of analyst expectations.

These quarterly results were driven by solid growth in both of Uber’s core businesses, as the number of rides in the US and Canada surpassed pre-pandemic levels for the first time and demand for food delivery remained strong despite restaurants’ reopening.

Looking ahead, Uber expects gross bookings of $34-$35 billion, and adjusted EBITDA of between $975 million to $1.02 billion in the third quarter of 2023.

Dara Khosrowshahi, Uber’s CEO, said the company has turned to profitability, with quarterly free cash flows amounting to more than $1 billion.