Uber returns to profit after raking in $458 million

Uber returned to profit after the win 458 million dollars in the first nine months of 2023, a significant improvement compared to losses of $9.736 million in the same period in 2022, the passenger carrier said.

The company’s revenues from January to September this year amounted to 27.345 million dollars, 17.5% more than in 2022.

In the third quarter of 2023, revenue was $9,292 million, an increase of 11.3%.

At the same time, the net profit from July to September this year was 221 million dollars, while in the same period in 2022, the company had losses of 1,206 million dollars.

Uber is improving the product experience
Adjusted gross operating result (ebitda) rose from $1.048 million in the first nine months of 2022 to $2.769 millionwhich represents an increase of 153.5%.

In Q3 2023, ebitda increased by 111.6%, from USD 516 million to USD 1,092 million.

The journey has increased 25% in the third quarter, from 1.953 million to 2.441 million, while gross reserves increased by 21%, going from $29.119 million to $35.281 million.

Uber CEO Dara Khosrowshahi noted in a statement that the company’s focus on improving the “product experience” for customers and drivers is what drove growth in the third quarter.

“Uber’s core business is stronger than ever because we are entering the most intense period of the yearKhosrowshahi added.

The company expects that in the last quarter of the year, gross reserves will be between 36,500 and 37,500 million dollars, and EBITDA between 1,180 and 1,24 million dollars.