Uber joined the S&P 500 on Monday, marking a significant milestone for the company, as reported by Marketplace. This move comes after Uber posted its first ever profitable quarter earlier this year, reflecting its recent growth. The company’s profitability and increased earnings have made it eligible for membership in the index.
The company’s ride-hailing business has benefited from increased travel and workers returning to the office, while its food delivery business has remained strong throughout the pandemic. The company’s gross bookings grew 21 percent year-over-year in 2023 to $35.3 billion, according to its third quarter results.
Uber’s inclusion in the S&P 500 index could attract more investment dollars, as many mutual funds and exchange-traded funds buy index shares. Uber has taken steps to improve its financial performance, including cutting off its driverless car business and increasing fares for consumers. This achievement reflects a major milestone in Uber’s 14-year history.
