Uber Forecasts Slowing Growth Despite Strong 2023 Financials
• Uber has seen tremendous growth since 2009, but expects slowing growth rates going forward as business matures • Posted strong financials in 2023 - $138B gross bookings, $37B revenue, first ever $1.1B operating profit • Bull case requires 18.5% annualized gains to reach $1 trillion market cap by 2035, which is ambitious • Still the market leader in US ride-hailing and a top player in food delivery, with network effects that support competitive position • Valuation premium to market indexes signals expectation of growth slowdown over time