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Uber reports its first-ever operating profit

Money Control

Money Control · 2y ago

Uber reports its first-ever operating profit

In Q2, Uber achieved its first operating profit of $326 million according to generally accepted accounting principles, marking a significant milestone in its 14-year history. CEO Dara Khosrowshahi attributed this success to strong demand, new growth initiatives, and effective cost management. Furthermore, Uber's net income reached $394 million, a notable improvement compared to a net loss of $2.6 billion in the same quarter last year.

Related News

Uber unveils its 1st-ever share buyback plan worth $7 billion

Inshorts · 1y ago

Uber unveils its 1st-ever share buyback plan worth $7 billion

Uber on Wednesday announced its first-ever share buyback program in which it will repurchase up to $7 billion worth of company shares. This comes after the ride-hailing firm posted its first annual net profit since going public in 2019. "Today's authorisation of our...share repurchase program is a vote of confidence in the company's strong financial momentum," CFO Prashanth Mahendra-Rajah said.

Uber's smooth operator Dara Khosrowshahi has done something Travis Kalanick never could: turn a profit

Business Insider

Business Insider · 1y ago

Uber's smooth operator Dara Khosrowshahi has done something Travis Kalanick never could: turn a profit

Uber has announced its first annual operating profit under the leadership of CEO Dara Khosrowshahi. The ride-hailing company reported an operating profit of $1.1 billion in 2023, a significant turnaround from the $1.8 billion loss in the previous year. Net profit also reached $1.9 billion compared to a massive $9.1 billion loss in 2022. Khosrowshahi's operational approach and decisions to cut exposure to risky ventures have played a crucial role in Uber's success. The company is now in a strong position, considering potential capital allocation plans for the future.

Uber is celebrating its $1 billion profit. But some drivers are feeling left behind.

Business Insider

Business Insider · 1y ago

Uber is celebrating its $1 billion profit. But some drivers are feeling left behind.

Uber CEO Dara Khosrowshahi announced a $1.1 billion annual operating profit, a first for the ride-hailing giant. However, some Uber drivers are not joining in the celebration, as they feel squeezed on pay and went on strike across the US. Frustrations stem from a drop in earnings due to disappearing perks, such as boosts and ride challenges, and an upfront fares policy that doesn't match the end-of-trip fare. Despite Uber's assertion that the majority of drivers are satisfied, the company may face increasing pressure from its drivers as its profitability grows.

Paytm’s First-Ever Profit: Why It Comes With an Asterisk – Outlook Business

OutlookIndia

OutlookIndia · 18d ago

Paytm’s First-Ever Profit: Why It Comes With an Asterisk – Outlook Business

Paytm reported its first-ever quarterly net profit of ₹123 crore, primarily driven by significant "Other income" of ₹241 crore. While it shows a sharp contrast to the previous year's loss of ₹840 crore, the profit is largely attributed to non-core business activities like interest income. The company reduced direct expenses and utilized automation to cut costs. Despite posting profits, concerns about the sustainability of such earnings persist due to their dependence on non-operating income.

For Volkswagen, the bumpy road to electric vehicles starts to hit home

Livemint

Livemint · 11m ago

For Volkswagen, the bumpy road to electric vehicles starts to hit home

Volkswagen's suggestion of potentially closing a plant in Germany for the first time ever has sparked a battle with the company's union and highlights the increasing pressures on the brand. The carmaker's transition to electric vehicles, coupled with a disappointing first half of the year, has led to the possibility of a plant closure. The Volkswagen brand has struggled to meet profit targets, contributing less than 10% of total operating profit in the first half. The brand's weak profitability is partly attributed to its significant investment in electric vehicles. The negotiations with the union are expected to result in a compromise, potentially involving the sale of components businesses.

Zomato shares hit 52-week high of Rs 105.90; m-cap nears $ 11 billion

Economic Times

Economic Times · 1y ago

Zomato shares hit 52-week high of Rs 105.90; m-cap nears $ 11 billion

Food delivery firm Zomato's shares hit a 52-week high of Rs 105.90 on the BSE, with a market capitalization of around $10.8 billion. This surge in share price was driven by the company's first-ever consolidated quarterly net profit and a 71% increase in revenue. Zomato's stock value has surged more than 78% this year, and it comes amid reports of its rival Swiggy planning to go public soon. Swiggy, valued at $10.7 billion, has seen some markdowns from its investors.

Uber posts first annual profit since its IPO

Livemint

Livemint · 1y ago

Uber posts first annual profit since its IPO

Uber Technologies reported its first full-year profit since going public in 2019. The company's profit in 2023 was $1.43 billion, thanks to income from equity investments and operations. CEO Dara Khosrowshahi called it an "inflection point" for Uber, demonstrating its ability to generate profitable growth. The last quarter of 2023 showed strong demand for Uber's ride-sharing and food-delivery services, with transaction value increasing 22% and revenue up 15%. Uber has made cost-cutting efforts, including job cuts during the pandemic, and has become more disciplined in its spending.

Uber forecasts gross bookings for second quarter below expectations

Economic Times

Economic Times · 1y ago

Uber forecasts gross bookings for second quarter below expectations

Uber reported weaker-than-expected first-quarter gross bookings and forecasts for its second quarter, indicating a slowdown in its ride-share and food delivery services. However, the company's profit growth initiatives have shown positive results, with first-quarter core profit surpassing Wall Street expectations. In comparison, rival Lyft reported strong results and projected a robust quarter, citing industry-wide ride-share demand growth and user-friendly features. Uber, with a wider global presence and a range of services, including logistics, expects adjusted core profit for the second quarter to be between $1.45 billion and $1.53 billion. Gross bookings are predicted to be around $38.75 billion to $40.25 billion.

Lendingkart posts Rs 118 Cr profit after tax in FY23

Entrackr

Entrackr · 1y ago

Lendingkart posts Rs 118 Cr profit after tax in FY23

Lendingkart, the MSME-focused digital lending platform, reported its first-ever profits of INR 118 crore in the fiscal year ending March 2023. The firm's revenues grew by 29.5% to INR 798 crore in FY23, with interest received from loans forming 51% of its operating revenue. Lendingkart's expense breakdown included a flat finance cost of INR 250 crore, while employee benefit costs increased by 57%. The company's deep cost-cutting measures resulted in a notable profit in FY23, compared to a loss in the previous fiscal year.

Zomato management expects profitability to sustain after first ever quarterly PAT

Economic Times

Economic Times · 2y ago

Zomato management expects profitability to sustain after first ever quarterly PAT

The Gurgaon-based company reported a net profit of Rs 2 crore for the three-month period ended June 30 as against a net loss of Rs 186 crore in the same period last year. Zomato also reported a 70% year-on-year surge in operating revenue to Rs 2,416 crore. Zomato's management anticipates sustained profitability after achieving its first-ever quarterly profit. The food delivery platform's optimistic outlook is driven by increased revenue and cost-saving measures. Zomato's shift towards profitability indicates a positive trajectory, reflecting its efforts to navigate market dynamics and optimize operations while capitalizing on the growing demand for online food delivery services.

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