Uber reports first quarterly operating profit in Q2 2023 results

Uber has reported an operating profit during a fiscal quarter for the first time in its history. The company reported its second quarter earnings for 2023 [PDF] on Tuesday morning, which included a net income of $394 million for the quarter, up $1.0 billion year-over-year and $588 million versus the preceding quarter. The company attributed its net gain to a 22% increase in trips on the platform, combined with “cost discipline” according to CEO Dara Khosrowshahi.

Uber said it saw gross bookings grow 16% year-over-year in terms of revenue, and that trips reached an average of 25 million per day across the platform during the quarter. And while the company reported its first ever net profit based on GAAP measurement, it still increased its spending on R&D and corporate G&A activity spending vs. Q2 2022 and the previous quarter in 2023, with Khosrowshahi pointing to “new growth initiatives.”

Uber’s freight business took a hit during the quarter, however: Revenue was down 30% year-over-year, which the company attributed to “the challenging freight market cycle” – something that could be interpreted as depressed consumer demand and continued supply chain challenges.

 

 

 

 

 

 

 

 

 

 

 

 

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