Uber's effort to meld its pioneering ride-hailing service with food and freight delivery showed progress during the past quarter even though the company sustained a huge loss stemming from a sharp decline in its outside investments.
SAN FRANCISCO -- Uber's effort to meld its pioneering ride-hailing service with food and freight delivery showed progress during the past quarter even though the San Francisco-based company sustained a huge loss stemming from a sharp decline in its outside investments.
Uber has now been profitable for four consecutive quarters under a financial yardstick called EBIDA, or"adjusted earnings before interest, taxes, depreciation and amortization." CEO Dara Khosrowshahi said Tuesday that he is confident the company will build upon its momentum and possibly surpass a previously set goal of generating $1 billion in free cash flow annually.
The downturn largely reflects ongoing skepticism about whether Uber will be able to keep charging high enough prices for rides and food delivery to consistently make money over the long term. Through most of its history, Uber had been able to lure customers to its services with low prices that were subsidized by the billions of dollars that it raised from venture capitalists and other investors before becoming a publicly traded company in 2019.
Elsewhere, passengers are returning to Uber in droves and appear willing to pay for the higher fares that the service is charging even in the face of soaring inflation.
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