Under CEO Dara Khosrowshahi, Uber has shifted its focus towards cost management and profitability, resulting in a significant turnaround from its previous aggressive expansion strategy. The company is optimistic about its growth prospects, with Q1 2024 forecasts aligning with analysts' estimates. Khosrowshahi expressed confidence in Uber's ability to generate long-term shareholder value, signaling potential returns to investors through share buybacks and dividends.
Key takeaways:
- Uber Technologies reported strong Q4 results in 2024, with a 15% increase in revenue to $9.9 billion and a 22% rise in gross bookings to $37.6 billion, driven by surging demand in ride-sharing and food delivery segments.
- The company's delivery business saw a 6% revenue growth, marking the highest increase in two years, reflecting the growing reliance on food delivery services.
- Under CEO Dara Khosrowshahi, Uber has shifted its focus towards cost management and profitability, marking a significant turnaround from its previous aggressive expansion strategy that resulted in over $30 billion in operating losses since 2014.
- In other news, IKEA has launched a new AI Assistant that uses OpenAI's GPT large-language model to provide intuitive suggestions and ideas for customers renovating their homes, offices, and other spaces.