Uber CFO Focuses on Revenue Growth After Profitability Milestone

uber cfo focuses on revenue growth after profitability milestone

Sumary of Uber CFO Focuses on Revenue Growth After Profitability Milestone:

  • Uber Technologies Inc.’s finance chief said the ride-sharing and delivery company is focused on boosting its revenue and income after achieving an important profitability milestone during its latest quarter.
  • 30. It was the first time in its roughly decadelong history that Uber reported a positive figure for this metric, helped by a recovery in its rides business and the continued strength of its food-delivery unit, Uber Eats.
  • “Our current goal is to continue to improve our adjusted Ebitda, but the real focus point is focusing on the long-term growth,” Chief Financial Officer Nelson Chai said.
  • “We have an intention to get to GAAP profitability,” said Mr. Chai, who has been Uber’s CFO since 2018, after stints as chief executive at CIT Bank and Warranty Group and as finance chief at Merrill Lynch during the financial crisis and NYSE Euronext before that.
  • “They have to strike a balance between investing in a competitive delivery market and proving to the Street that there is a high-margin business with cross-platform synergies underneath the hood.
  • Photo: Laura Dale/Zuma Press Uber’s ride-sharing business suffered heavily during the pandemic—with bookings temporarily falling as much as 80%—prompting the company to cut costs by about $1 billion, in part by laying off workers.
  • The company also sold various assets, including its autonomous driving unit and its bikes and scooters business, while holding on to its freight business.
  • “The one thing that is lagging,” he said, is Uber’s share price, which has fallen over 16% since the beginning of the year.

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