Uber's Uber for Business enterprise product is "showing nice strength early in the year," Uber CEO Dara Khosrowshahi said on a Wednesday fourth-quarter earnings call.
"We are seeing strong adoption of premium products in our business travel segment, with over 40 percent of corporate travel activity on Uber happening on products like Business Comfort, Uber Black and Reserve," he said in prepared remarks.
Khosrowshahi included Uber for Business in what he termed "new products that we're building," along with non-UberX products including Reserve, Taxi, Moto and Shared Rides. That portfolio generated $11 billion in annualized bookings and increased more than 80 percent year over year in the fourth quarter, according to Uber.
During the fourth quarter, Uber for Business agreed to partnerships with expense management providers Brex and Ramp to automate receipt matching for Uber rides and meals, "which rank among the most-expensed items for employees," according to Uber.
More than 200,000 companies use the Uber for Business platform to provide rides and meals to their employees, customers and guests, according to Uber.
Q4, Full-Year 2023 Metrics
Uber reported fourth-quarter 2023 revenue of more than $9.9 billion, up from $8.6 billion a year prior. Full-year 2023 revenue was nearly $37.3 billion, an increase of about 17 percent year over year. Fourth-quarter gross bookings were up 22 percent from Q4 2022 to nearly $37.6 billion. Full-year gross bookings were up 19 percent from 2022 to nearly $137.9 billion.
Fourth-quarter net income was more than $1.4 billion, up from $595 million a year prior. Uber reported nearly $1.9 billion in full-year net income, up from a loss in 2022 of more than $9.1 billion.
Mobility revenue for the quarter was up 34 percent versus Q4 2022 to more than $4.1 billion. Mobility gross bookings were nearly $19.3 billion for the quarter, a 34 percent increase year over year.
Uber ended the fourth quarter with about 150 million active users, up 15 percent year over year. The number of trips increased 24 percent from Q4 2022 to about 2.6 billion and also were up 24 percent year over year to more than 9.4 billion. Khosrowshahi also noted that the Uber One membership program was up to 19 million users and now is available in 25 countries.
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