Uber Announced Making a Profit for the First Time

For the first time, Uber announced that it was making a profit. Uber posted profit for the first time thanks to continued demand.

Uber Technologies Inc., a phone app taxi-hailing service, reported adjusted profit for the first time, amid increased taxi use and continued demand for its delivery business. Uber reported on Thursday that the company's third-quarter profit before interest, depreciation and tax (Ebitda) stood at $8 million. According to the average of estimates compiled by Bloomberg, the company was expected to post a loss of $ 15.4 million in the aforementioned period. Following this announcement, the company's shares gained approximately 1 percent in post-closing transactions. On the other hand, when other expenses are calculated, Uber does not seem to have made much profit. The company had a net loss of $2.4 billion in the three-month period ending September. As previously reported by Bloomberg, the loss was due to the company's share in China's Didi Global Inc. Company's CFO said "We know this is just one step forward, but achieving overall adjusted Ebitda profitability is an important milestone for Uber." San Francisco-based Uber offered a constructive forecast for the fourth quarter. Uber forecasts adjusted profits of $25 million to $75 million for the quarter ending in late December. Analysts predict profits to come in at $98.1 million.