Uber Technologies reported better-than-expected net income, boosted by record ridership volumes, offering evidence the ride-hailing giant is officially moving beyond its cash-burning startup past and making progress on its profitability goals.
Uber Technologies Inc. reported better-than-expected net income, boosted by record ridership volumes, offering evidence the ride-hailing giant is officially moving beyond its cash-burning startup past and making progress on its profitability goals.
Uber projected gross bookings of US$34 billion to US$35 billion in the current quarter and adjusted earnings before interest, tax, depreciation and amortization of US$975 million to US$1 billion, both beating analysts' forecasts. “When I joined the company in 2018, Dara asked me to lead the financial transformation of the company,” Chai said in a statement. “As you can see from our Q2 results, that transformation has occurred. I am very proud of the great work we have all accomplished and thank Dara for his partnership.”
San Francisco-based Uber shares have doubled in the last year, a stark divergence in performance from Lyft Inc., which has struggled to fully recover from the effects of Covid-19. Unlike Uber, Lyft only operates in North America and doesn't have a food-delivery unit. Earlier this year, Uber's crosstown rival installed a new chief executive officer and lowered prices to stem market share losses to Uber.
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