Taxi app Uber hails its first ever full-year revenue as demand soars

Uber has posted its first ever full-year revenue as demand for its cabs soars.

The San Francisco-based firm reported a revenue of £870million for 2023 – after a lack of £1.4billion the 12 months earlier than.

Total revenues for the group, which additionally owns meals supply service Uber Eats, was up 17 per cent year-on-year to £37billion.

The firm loved a bumper efficiency within the last quarter, making greater than 2.6bn journeys within the three months.

Uber chief government Dara Khosrowshahi hailed the milestone, citing ‘a stand-out quarter to cap off a stand-out year’.

Uber reported a revenue of £870m for 2023 – after a lack of £1.4bn the 12 months earlier than. Total revenues for the group was up 17% year-on-year to £37bn

He added that prospects had been ‘more engaged than ever’, with the entire variety of month-to-month customers hitting a document 150m.

Uber, based in 2009, has historically struggled to show a revenue because it targeted on international enlargement and low-cost fares.

But strain has mounted because it listed in New York in 2019.

Its taxi service suffered in the course of the pandemic when journey was at an efficient standstill.

This was offset by a powerful efficiency from Uber Eats, which thrived throughout lockdown.

Khosrowshahi took over as chief government six years in the past following scandals that led to the exit of Travis Kalanick, the corporate’s co-founder.

He has vowed to chop prices and drive in the direction of profitability, saying: ‘2023 was an inflection point for Uber, proving that we can continue to generate strong, profitable growth at scale.’