Uber (UBER) -), one of the leading ride-share companies, reached GAAP profitability for the first time in the firm's history during the second quarter of the year. Bookings grew by a 16% year-over-year margin, and with that, revenue jumped as well.
As Uber looks to continue these positive trends into the third quarter of the year, the company is bringing a series of updates to Uber Eats in an effort to entice the money-conscious consumer.
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Prominent among these is that beginning in 2024, Uber Eats will accept SNAP/EBT benefits on its app, according to a company statement. Further, Uber Eats is working with Managed Medicaid and Medicare Advantage to allow customers to use their healthcare benefits to help cover the cost of a food delivery. This feature — which, according to a company spokesperson, is an "industry first" — won't be accessible until 2024.
In keeping with these money-saving efforts, Uber is also launching a deal-curator component of its app called Sales Aisle, which will combine the best available promos and deals into one spot.
The company also said that it is working to launch an AI assistant to help enhance shoppers' experience, a feature that is set to go live later in the year.
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Shares of Uber, which has a market valuation of more than $96 billion, are up more than 90% for the year.
“Robust demand, new growth initiatives and continued cost discipline resulted in an excellent quarter, with trips up 22% and a GAAP operating profit, for the first time in Uber’s history,” Dara Khosrowshahi, Uber's CEO, said in an August statement. “These results also translated into strong driver and courier engagement, with 6 million drivers and couriers earning a record $15.1 billion during the quarter.”
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