Uber Technologies, Inc. (NYSE: UBER) on Wednesday reported a sharp increase in fourth-quarter profit. Revenues of the ride-sharing giant increased 15% during the three months.
In the fourth quarter of 2023, net income attributable to the company increased sharply to $1.43 billion or $0.66 per share from $595 million or $0.29 per share in the corresponding quarter last year.
There was a 15% increase in net revenues to $9.94 billion in the December quarter from $8.61 billion in the same period of 2022. At $37.58 billion, gross bookings were up 22% year-over-year.
“2023 was an inflection point for Uber, proving that we can continue to generate strong, profitable growth at scale. Our audiences are larger and more engaged than ever, with our platform powering an average of nearly 26 million daily trips last year,” said Dara Khosrowshahi, chief executive officer of Uber.