Uber Technologies continues to defy the doubters, racking up new profitability milestones even as it chases ever-larger ambitions.
Uber Technologies Inc. continues to defy the doubters, racking up new profitability milestones even as it chases ever-larger ambitions.
The company’s disclosure of its first-ever quarterly operating profit Tuesday was enough to make Chief Executive Dara Khosrowshahi take a victory lap, as he discussed on the earnings call how “many of the observers over the years boldly claimed” that Uber UBER “would never make any money.” While he understood their concerns about unit economics in tech, he also had confidence Uber would pull off a transformation.
While some investors once speculated Uber would never be profitable until driverless cars came to rule the transportation system, Uber notched a second-quarter GAAP profit, and a GAAP operating profit, in the present-day mobility landscape. It was a far cry from the first quarter of 2022, when Uber posted a $5.9 billion net loss, admittedly driven by paper losses related to equity investments.
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