Uber has made a significant leap in the financial world by joining the prestigious S&P 500, as announced on December 1, 2023. This inclusion marks a notable achievement for the ride-hailing company, reflecting its solid financial performance and growing market presence.
Uber’s journey to the S&P 500 was fueled by its positive earnings in the latest quarter, capped by over $1 billion in profit across the last four periods. This financial upswing is remarkable considering Uber’s initial struggles with profitability since its NYSE debut in 2019. The company’s adjusted EBITDA primarily comes from its mobility sector, but its delivery business has also turned profitable ahead of schedule.
Being part of the S&P 500, which requires positive earnings in the most recent quarter and over the past four quarters, is not just a badge of honor for Uber. Uber’s inclusion in the S&P 500 is not only a recognition of its achievements but also a shift in the market dynamics. The company’s stocks will replace Sealed Air Corp, Alaska Air Group Inc, and SolarEdge Technologies Inc in the benchmark S&P 500.