Uber Reports Operating Profit for First Time in Company History
Reporting its earnings for the second quarter of 2023.
Uber has shared its second-quarter earnings for 2023, including, for the first time ever, its quarterly operating profit. The company published the earnings on Tuesday morning, clocking a net income of $394 million USD.
From the same time last year, Uber brought in an additional $1 billion USD. This number was up $588 million USD from its first quarter of 2023.
The company’s CEO Dara Khosrowshahi said that “cost discipline” helped to drive the increase in net income, reporting that there was a 22% increase in trips taken, equating to about 25 million per day for the quarter.
Uber also pointed to new business initiatives, such as the growth of its Uber One subscription plan in new regions. For $9.99 USD a month, offers discounted rides, priority service and no delivery fee on food via Uber Eats.
In an interview with CNBC, Khosrowshahi said that Uber is aiming to be profitable every quarter moving forward following its first quarter of first free cash flow upwards of $1 billion USD.
“Both of these milestones were achieved through a combination of disciplined execution, record audience and strong engagement,” Khosrowshahi said in a statement.
In other tech news, Lotus Cars partnered with KEF for a limited Edition LS60 speaker set.
