Uber sets sights on profits in 2023 as pandemic pain eases

Uber Technologies Inc on Wednesday set its sights on delivering profits this year after rounding off 2022 with blow-out earnings as a surge in demand for airport and office rides helped the company rebound from pandemic lows.Chief Executive Officer Dara Khosrowshahi said the company was now focused on achieving profitability on a GAAP basis this year.

“The pandemic’s impact on our Mobility business is now well and truly behind us,” Khosrowshahi said.

Uber forecast adjusted EBITDA, a profitability metric that excludes some costs, between $660 million and $700 million for the first quarter, well above the average analyst estimate of $593.06 million, according to Refinitiv data.