Following blowout earnings to end 2022, Uber Technologies Inc on Wednesday set its sights on delivering profits this year as a surge in demand for airport and office rides helped the company recover from pandemic lows.
After Chief Executive Dara Khosrowshahi stated that the company was now focused on achieving profitability on a GAAP basis this year, Uber’s shares increased by nearly 8% in premarket trading.
Khosrowshahi declared that ‘the pandemic’s impact on our Mobility business is now well and truly behind us.’
According to Refinitiv data, Uber projected adjusted EBITDA, a measure of profitability that excludes some costs, between $660 million and $700 million for the first quarter, significantly higher than the average analyst estimate of $593.06 million.
In response to Uber’s optimistic outlook, shares of its smaller rival Lyft also increased.
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