Uber says it has reached profitability in the US and Canada

Uber Profitable in US

Uber says it is now profitable in the US and Canada. Uber was aiming to go profitable in both regions before the end of Q2 2016, according to a new report by Bloomberg’s Eric Newcomer.

Citing previously undisclosed financial documents, Bloomberg says Uber’s February US profit per ride was $0.19 (not including “interest, taxes, equity-based compensation for employees).

Uber takes 25% of the average fare, but shoves most of that back into marketing, customer support, and software development.

The company says it booked 50 million rides in the US and 169 million rides worldwide in March 2016, according to Bloomberg.

While Uber is making money in the US and Canada, the company is still burning through more than $1 billion a year to become competitive in China.

In March, Uber CEO Travis Kalanick said Uber’s China market shaare has grown from 1% to 2% in January 2015 to about 30% now.

Uber lost $1.7 billion worldwide in the first three quarters of 2015, according to Bloomberg.

Universal Basic Income For Dummies

The ride-sharing service is not commenting on the report at this time.

Written by Franklin Simmons

Franklin Simmons

Franklin Simmons is BusinessPundit's Tech Editor. His life is consumed with a love of augmented reality, mobility, and emerging technology. He extensively covers all areas of technology, including the computing, automotive, and healthcare sectors.