IN A FIRST FOR UBER SINCE BECOMING A PUBLIC COMPANY, AN ANNUAL PROFIT

Uber posted its first full-year profit since going public in 2019 and its stock hit an all-time high Wednesday as strong bookings in the final quarter of the year pushed profit and revenue beyond Wall Street expectations.

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Like its final year as a private company, the last time Uber turned a profit, it got a huge tailwind from investments that helped fuel profits, $1 billion in 2023. The difference is that Uber has started making money from operations.

“2023 was an inflection point for Uber,” said CEO Dara Khosrowshahi said in prepared remarks.

Uber and other ride-share companies struggled through the COVID-19 pandemic. The company, whose stock recently joined the S&P 500 index, saw its ride-hailing business stymied as government lockdowns kept millions at home.