In a first for Uber since becoming a public company, an annual profit.

Uber posted its first full-year profit since going public in 2019 and its stock is hitting all-time highs as strong bookings in the final quarter of the year pushed profit and revenue beyond Wall Street expectations

Uber posted its first full-year profit since going public in 2019 and its stock hit an all-time high Wednesday as strong bookings in the final quarter of the year pushed profit and revenue beyond Wall Street expectations.

Like its final year as a private company, the last time Uber turned a profit, it got a huge tailwind from investments that helped fuel profits, $1 billion in 2023. The difference is that Uber has started making money from operations.

“2023 was an inflection point for Uber,” said CEO Dara Khosrowshahi said in prepared remarks.

Uber and other ride-share companies struggled through the COVID-19 pandemic. The company, whose stock recently joined the S&P 500 index, saw its ride-hailing business stymied as government lockdowns kept millions at home.

But Uber has focused on cutting costs and, during the pandemic, building up a then-nascent food-delivery division, which has since become a major revenue driver. Uber’s ride-hailing service, meanwhile, has gradually bounced back and the numbers from the fourth quarter suggest both are trending in the right direction.