Uber stock pops more than 14% on $7 billion share buyback

Uber’s stock closed up more than 14% on Wednesday after the ride-hailing company announced it will buy back up to $7 billion worth of company shares. “Today’s authorization of our first-ever share repurchase program is a vote of confidence in the company’s strong financial momentum,” Uber CFO Prashanth Mahendra-Rajah said in a press release Wednesday morning. Mahendra-Rajah added that …

Uber beats estimates as revenue and bookings see double-digit growth

Uber reported fourth-quarter results Wednesday that beat analysts’ estimates on the top and bottom lines. Shares of Uber closed mostly flat Wednesday. Here’s how the company did: Uber reported net income of $1.4 billion, or 66 cents per share, compared with $595 million, or 29 cents per share, in the same quarter last year. Uber’s net income includes a $1 …

Uber Sets Profit Record As Lyft And DoorDash Keep Losing Money

Uber turned a profit last year for the first time in its five-year history as a public company, the ride-hailing giant revealed in its Wednesday morning earnings report, as Uber widens the distance between it and long-time rivals Lyft and DoorDash. KEY FACTS Uber raked in $1.9 billion in profit last year, a remarkable recovery from …

Uber expects strong core profit as ride share, food delivery pick up pace

Uber Technologies forecast quarterly core profit and gross bookings above estimates and reported market-beating results for the holiday quarter on Wednesday, fueled by higher demand in its ride sharing and food delivery businesses. It posted its first annual net profit as a public company as user retention improved, also benefiting from initiatives like memberships, corporate …

Report: Uber to Close Drizly E-Commerce Alcohol Delivery Platform

Uber has decided to shut down Drizly just three years after acquiring the alcohol e-commerce delivery platform for $1.1 billion, Axios reported today. Pierre-Dimitri Gore-Coty, Uber’s SVP of delivery, in a statement to Axios, said the company has decided to close Drizly in order to focus on its “core UberEats strategy of helping consumers get almost …

Uber’s Q3 numbers include impressive profitability gains, slower-than-expected growth

Uber reported third-quarter earnings on Tuesday that show a profitable ride-hail and delivery company that’s chugging along in spite of slowing growth in some sectors. The company reported revenue of $9.3 billion, an 11% increase year over year. Investors had expected Uber to report revenues of around $9.5 billion (FactSet, Refinitiv), meaning that despite the company’s growth, …

Uber could launch a service similar to TaskRabbit

In the future, when you need someone’s help to get a task done, you might find yourself launching the Uber app on your phone. According to Bloomberg, the company is exploring the possibility of offering a new TaskRabbit-like service. Developer Steve Moser found code hidden within Uber’s iPhone app for an offering that’s reportedly codenamed “Chore.” Based on …

Uber to lay off 200 employees in recruitment division

June 21 (Reuters) – Uber Technologies (UBER.N) said on Wednesday it was cutting 200 jobs in its recruitment division amid plans to keep the staff count flat through the year and streamline costs. The reductions affect less than 1% of Uber’s 32,700-strong global workforce and follow the ride-share company laying off 150 employees in its freight services …

Uber reports first quarterly operating profit in Q2 2023 results

Uber has reported an operating profit during a fiscal quarter for the first time in its history. The company reported its second quarter earnings for 2023 [PDF] on Tuesday morning, which included a net income of $394 million for the quarter, up $1.0 billion year-over-year and $588 million versus the preceding quarter. The company attributed its net …

Uber to lay off 200 employees in recruitment division

June 21 (Reuters) – Uber Technologies (UBER.N) said on Wednesday it was cutting 200 jobs in its recruitment division amid plans to keep the staff count flat through the year and streamline costs. The reductions affect less than 1% of Uber’s 32,700-strong global workforce and follow the ride-share company laying off 150 employees in its freight services …