Uber Reports First Quarter Profit

Uber announced a significant increase in its first-quarter profit for 2024, marking an 82 percent rise compared to the previous year. The US-based ride-hailing application reported an adjusted core profit of $1.38 billion, surpassing analysts’ expectations of $1.32 billion.

Revenue also saw a positive growth, climbing 15 percent to reach $10.13 billion in the first quarter, slightly exceeding the projected $10.11 billion. Despite these strong financial results, Uber’s shares experienced a 7.31 percent decline in pre-session trading, currently trading at $65.13.

CEO Dara Khosrowshahi expressed his optimism about the company’s growth trajectory, highlighting the profitability increase in their broader portfolio as it continues to expand. This positive outlook underscores Uber’s commitment to sustainable growth and operational efficiency.

As Uber continues to navigate the competitive landscape of the ride-hailing industry, these financial results demonstrate the company’s ability to adapt and thrive in a rapidly evolving market. Investors and industry observers will be watching closely to see how Uber continues to capitalize on this momentum in the coming months.

 

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