Uber has posted its first annual profit as demand for its taxis soars.
The San Francisco-based company posted a profit of £870m for 2023, following a loss of £1.4bn the previous year.
Total revenue for the group, which also owns food delivery service Uber Eats, rose 17 percent year-on-year to £37 billion.
The company enjoyed excellent performance in the last quarter, making more than 2.6 billion trips in the three months.
Uber CEO Dara Khosrowshahi praised the milestone, citing “a standout quarter to cap a standout year.”
Uber posted a profit of £870m by 2023, following a loss of £1.4bn the previous year. The group’s total revenue rose 17% year-on-year to £37bn.
It added that customers were “more engaged than ever”, with the total number of monthly users reaching a record 150 million.
Uber, founded in 2009, has traditionally struggled to turn a profit while focusing on global expansion and cheap fares.
But pressure has increased since it listed in New York in 2019.
Its taxi service suffered during the pandemic when rides were effectively halted.
This was offset by a strong performance from Uber Eats, which thrived during lockdown.
Khosrowshahi took over as CEO six years ago following scandals that led to the departure of Travis Kalanick, the company’s co-founder.
He promised to reduce costs and boost profitability, saying: “2023 was a turning point for Uber, proving we can continue to deliver strong, profitable growth at scale.”