Uber just posted its first annual profit as a public company

Uber reported its first full year of profit as a public company on Wednesday, marking the end of a time of heavy venture capital subsidies and growth-at-all-costs mantra.

“2023 was an inflection point for Uber, proving that we can continue to generate strong, profitable growth at scale,” CEO Dara Khosrowshahi said in the company’s fourth-quarter earnings release. The rideshare and food delivery giant expects continued growth in the first quarter of 2024.

Uber was profitable for one full year in 2018, before it went public, thanks to its investments. In 2023, Uber got large tailwind from its equity investments to help lead it to profitability, but the company also made money from its operations. For the full year, Uber posted a profit of $1.89 billion on revenue of $37.28 billion.

“We grew our business by improving marketplace health and scaling new products, bolstering our competitive position in key markets,” Khosrowshahi said in his prepared remarks.