After an accumulated loss of $33 billion, Uber posted its first-ever quarterly profit.

The day has come. After a history full of losses every year since its inception, Uber records first net profit in its historyas reported in its quarterly results. This was done in the second quarter of this year, which runs from April 1st to June 30th.

The quarter you reached profit of 326 million dollars. In the same quarter last year, it remained at 713 million losses. The trend of recent years to gradually reduce these losses has allowed to close with the first green, after almost 33 billion accumulated losses in recent years.

Travel before the pandemic and more food than ever

Founded in 2009 and went public in 2019, Uber has two main lines of business. On the one hand transport on demand, a formula known in Spain as VTC (vehicles with driver), a residual modality before the advent of smartphones that made this category universal. This has been the subject of controversy for years, with the latest offering giving it wings in front of the cab.

On the other hand, Uber Eats is a food delivery service. It has been present in Spain since 2017, competing mainly with Glovo and has played a key role in this long-awaited profitability.

According to their results, travel demand was especially high in the US and Canada. finally restoring pre-pandemic levelsand, despite the recent rate hike, the result of a driver shortage that we have also experienced recently in our country.

Reading this entry can also be done in terms of the offerings Uber has been adding to this product, such as special rides for unaccompanied minors, something that was limited until this year but where it saw an opportunity for increased activity.

On the other side of business food delivery service reached a record level of orders, despite rising hotel prices due to accumulated inflation. Good momentum, despite the fact that some restaurants that are part of the service are asking their customers to stop using the platform and order directly from the establishment so that both parties save costs.

And in some not-so-good news: Uber’s commitment to the logistics business doesn’t seem to be paying off as expected, at least for now, and at least at a level that didn’t get in the way of that first Uber milestone.

In Hatake | My restaurant’s competitor is Netflix + Glovo..

Featured image | Dan Gold on Unsplash.

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About Ankur Jain

I'm Ankur Jain, and I'm thrilled to be part of the team as an editor. I call India my home, and I have a passion for crafting engaging and well-written articles. With a solid background of 7 years in this field, I bring a wealth of experience to my work. It's my pleasure to contribute to the informative and captivating content you'll find on Stay tuned for some exciting stories and news pieces coming your way!

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