Uber’s not out of the woods yet
In 2023, Uber achieved an important milestone, earning more money than it spent for a full year for the first time. It was widely seen as a sign that the perennially cash-strapped business was finally on a more sustainable path.
Today, there are signs that the journey may be longer than we thought.
The ridehailing and delivery company reported a surprise net loss of $654 million for the first quarter of the year, as legal settlements and equity investments proved to be more of a drag on Uber’s business than many expected.
Wall Street analysts had been expecting a profit of $474 million, according to The Wall Street Journal. In particular, the company’s...