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Uber’s not out of the woods yet

The Uber logo with a black and red graphic against a yellow background.
Illustration by Alex Castro / The Verge

In 2023, Uber achieved an important milestone, earning more money than it spent for a full year for the first time. It was widely seen as a sign that the perennially cash-strapped business was finally on a more sustainable path.

Today, there are signs that the journey may be longer than we thought.

The ridehailing and delivery company reported a surprise net loss of $654 million for the first quarter of the year, as legal settlements and equity investments proved to be more of a drag on Uber’s business than many expected.

Wall Street analysts had been expecting a profit of $474 million, according to The Wall Street Journal. In particular, the company’s…

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