It's been a long road to real profits.It's taken 14 years and nearly $32 billion of cumulative losses, but ride-sharing and food delivery company Uber (UBER 0.43%) is finally a profitable company.
Is Uber a profitable company yet?
Finally, a profitIn Q2 2023, Uber's revenue totaled $9.23 billion, up 14% from $8.1 billion a year earlier. As we mentioned above, Uber finally turned an operating profit, reporting $326 million in Q2 compared to an operating loss of $713 million a year earlier.
Why Uber still can t make a profit?
Uber has been competing fiercely with other ride-hailing services and traditional taxi companies, resulting in lower prices. The company has been subsidizing rides to attract more customers and gain market share, which has resulted in a significant loss of revenue.
Is Uber more profitable?
Is Uber still burning money?
What Wall Street Wants Next. Uber Technologies has gone from a cash-burning machine to making a stable profit. Now analysts are looking for the ride-hailing company to carry out stock buybacks and push its international growth and membership plan.
Is Uber in debt?
Total debt on the balance sheet as of September 2023 : $10.99 B. According to Uber's latest financial reports the company's total debt is $10.99 B. A company's total debt is the sum of all current and non-current debts.
How much cash does Uber have left?
Uber Technologies cash on hand for the quarter ending June 30, 2023 was $6.442B, a 30.86% increase year-over-year. Uber Technologies cash on hand for 2022 was $4.991B, a 1.32% increase from 2021. Uber Technologies cash on hand for 2021 was $4.926B, a 30.39% decline from 2020.