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Uber ends the year in the black for the first time ever
Are Uber’s days of losing money over?
“Looking back, 2023 was an inflection point for Uber,” CEO Dara Khosrowshahi said in an earnings call this week, “proving that we can continue to generate strong profitable growth at scale.” As the pandemic subsided, driver supply became a major issue, so Uber started spending huge piles of cash luring them back to the platform. For years, the company was derided for using its bundles of venture capital cash to subsidize the price of a car trip in a city, artificially lowering the cost of a ride to lure in millennial customers who were turned off by clunky, digitally hostile taxis.
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