Uber marks first-ever adjusted profit, swinging from last year’s $625m loss
Ride hailing giant Uber has posted its first-ever adjusted profits in its last quarter, swinging from an eyewatering $625m loss just a year ago.
The $8m profit marks a turning point from both its ride hailing and food delivery divisions.
Consumers have begun travelling in greater numbers again, after a more than a year of pandemic restrictions, while drivers have also returned to the platform.
Revenue increased 72 per cent to $4.8bn in the period, inching past analyst forecasts of $4.4bn, according to IBES data from Refinitiv.
However, the company’s net losses have swelled to $2.4bn, which had been tipped by a plunge in the value of its stake in Chinese equivalent business Didi.
Uber boss Dara Khosrowshahi said that this year’s Halloween weekend surpassed 2019 levels, suggesting Americans and Brits alike were keen to go out.