Uber, in the 21st century, has attained worldwide popularity. The company is a household name across the globe and its services are enlisted by many. However, unbeknownst to most the company has been running at a loss for over a decade now. Here, we answer the question everyone’s asking- Is Uber Profitable?
Uber, the famous ride-sharing and transportation service company, just saw its highest stock price on February 10th, 2021. The company saw a closing price of $63.18 which comes as quite a significant jump compared to its previous years. In 2019, Uber’s stock prices hit an all-time low, reaching a price per stock of a mere $33.96.
Uber over the recent years of 2016 to 2020 has unfortunately reported a series of losses. In 2020, the company reported a negative net income of $6.7 billion. Still, they did see a rise in profits during the 2018 fiscal year. This allowed them to claim a net income of $997 million.
As of 2022, Uber boasts a market cap of $67.516 billion and a year-to-date return of -13.47%. The company also witnessed a loss per share of $1.28 and by the end of 2021 had accumulated a whopping $2.41 billion in net losses.
According to Statista.com, Uber’s total number of users during the final quarter of 2020 amounted to a thumping 93 million people. This totals to a 19% increase from the previous year. The company also boosted a global net revenue of $11.1 billion during the 2020 financial year with $57.9 billion generated by global bookings worldwide.
In recent years, Uber’s outlook on profits seems to be showing improvement. Uber as a company has struggled with decades of loss, however, now things seem to be taking a turn for the better.
During the third quarter of 2021, the company claimed that they expected to make a profit of $25 million upward, as opposed to the net loss of $100 million. In the post-pandemic era, with a shortage of drivers and increasing costs for customers, Uber seems to be reaping the benefits. And finally, in November of 2021, the company presented a profit of $8 million for the fiscal quarter that ended in September. This comes as a blessing to the Californian-based company as the previous year of 2020 brought them a massive loss of $625 million.
Thus, Uber’s future seems to be looking up. And this mammoth service company may finally reap the benefits of its labor.
Renters in Victoria, Australia, are confronted with a broken system that undermines the basic renter…
Pepe, named after the popular internet meme, is a decentralized cryptocurrency that operates on a…
In recent years, Bitcoin has seen a surge of institutional adoption, with more and more…
Investing in dividend stocks can be a great way to generate passive income and grow…
The Australian superannuation industry saw its fair share of ups and downs in 2022. While…
The Australian superannuation industry is one of the largest in the world, with over AUD…