Guess it’s time to knock off the jokes about how Uber loses so much money, as the company just posted a $1.9 billion profit for 2023, its first annual profit since Uber’s 2019 IPO.
SFist has been cracking wise about how much money Uber loses since way back when Travis Kalanick was still in charge. The rideshare unicorn has generally been losing billions a year. Even when Uber Eats exploded in popularity in the pandemic year 2020, Uber still managed to lose $6 billion.
Uber Sets Profit Record As Lyft And DoorDash Keep Losing Moneyhttps://t.co/FPMZoIm3yr pic.twitter.com/g0SI02dLq1
— Forbes (@Forbes) February 7, 2024
But I guess we now have to Uber Eat some crow. ABC News reports that Uber just reported its first annual profit since their 2019 IPO.
Watch Jennifer Aniston and David Schwimmer forget that they're friends in this NEW Uber Eats commercial! https://t.co/1DkYdu0qtI pic.twitter.com/ECMPYPjmbk
— E! News (@enews) February 6, 2024
Not surprisingly, Uber is celebrating the news by splurging on a Super Bowl commercial with Jennifer Aniston and David Schwimmer, plus Davis Beckham and Posh Spice.
“2023 was an inflection point for Uber,” Uber CEO Dara Khosrowshahi said on a Wednesday earnings call. “Our audiences are larger and more engaged than ever, with our platform powering an average of nearly 26 million daily trips last year."
Per ABC News, Uber made $1.89 billion in profit on $37.28 billion in revenue for the year 2023. Much like Muni and BART are benefiting from people going out again, so is Uber. The company’s rideshare revenue went up by 34% last year.
And it may help that they company laid so many people off during the pandemic. They also recently shut down their $1.1 billion alcohol delivery acquisition Drizly, which had some redundancy with Uber Eats. So maybe this company with the traditional appetite for growth finally found its profitable path by lopping off people and parts.
Related: Uber Razzed Over SF Ads That Say ‘See You In Marina District’ With Photo of Sausalito [SFist]
Image: SAN FRANCISCO, CALIFORNIA - FEBRUARY 07: A sign is posted on the exterior of Uber headquarters on February 07, 2024 in San Francisco, California. Ride share company Uber reported its first annual profit since going public in 2019 with earnings of $1.1 billion in 2023 compared to a loss of $1.8 billion in 2022. (Photo by Justin Sullivan/Getty Images)
