Things are turning on the brighter side of the ride-hailing company Uber. Touted as the world’s most valued startup over the last decade, the company went through a rough patch with managerial issues at the apex and its merger/sale in few markets.
Uber reported a $2.46 billion net profit for the first quarter. This is the first ever profit in Uber’s history and is mainly attributed to the sale/merger of its businesses in Southeast Asia and Russia.
In an email to Uber employees, CEO Dara Khosrowshahi said, “The Company’s core business has continued to perform very well and the number of trips on the platform grew 43 percent while booking grew 55 percent to $11.3 billion compared to last year”. The CEO bets big on Uber Eats and JUMP globally.
“We are deliberately reinvesting our profits. Even with these impressive results, we’re not going to let up on gas. We expect to reinvest our profits back into our products and tech, emerging markets like the Middle East and India, as well as big bets like scaling Eats and JUMP globally”, said Dara Khosrowshahi.
After Dara took over the reins from Travis Kalanick as Uber CEO last year, there have been a string of strategic measures. After Uber sold its Southeast Asia business to GRAB in March this year, the company’s board of directors expected a turnaround in the company’s fortunes.