Posted 4/13/2024, 9:15:00 AM
Uber Reaches Profitability Milestone With Strong Growth, But $1 Trillion Valuation by 2035 Seen as a Stretch
- Uber has seen strong growth recently, with gross bookings up 19% and revenue up 17% in 2023
- The company is profitable for the first time, generating $1.1B in operating profit and $3.4B in free cash flow in 2023
- Uber dominates ride-hailing in the US and is #2 in food delivery behind DoorDash
- For Uber to reach a $1T market cap by 2035, shares would need to gain 18.5% annually - an ambitious pace
- While unlikely to hit $1T by 2035, Uber remains a quality business with leadership in key markets and powerful network effects