Uber has reported an operating profit during a fiscal quarter for the first time in its history.

The firm recorded a net income of $394m for the quarter, up $1bn y-o-y and $588m versus the preceding quarter. The company attributed its net gain to a 22% increase in trips on the platform, combined with “cost discipline” according to CEO Dara Khosrowshani.

The landmark in Uber’s finances came after it racked up a total of $31.5bn in operating losses since 2014, the first year for which it disclosed details of its finances.

Uber also issued a stronger forecast than expected for its current quarter. It predicted that earnings before interest, taxes, depreciation and amortisation would reach $975m to £1,025bn, compared with a Wall Street estimate of $915m.

Share Story: