Uber and Uber Eats Report Varying Financial Outcomes for 2024

Uber and its food delivery service, Uber Eats, reported contrasting financial results for the fiscal year ending December 31, 2024, in New Zealand. Together, the two entities generated a total revenue of **$402 million**, yet their tax contributions were notably low, totaling less than **$1 million**.

Uber Eats demonstrated strong growth, with its net profit increasing to **$2.4 million**, up from **$1.7 million** in the previous year. This rise was supported by a **17%** increase in revenue, which climbed from **$255.3 million** to **$298.5 million**. The food delivery sector’s performance reflects a growing demand for online food services in New Zealand.

In contrast, Uber’s ride-hailing business experienced a decline in net profit, which fell from **$1.6 million** to **$1.1 million**. Revenue for this segment also decreased, dropping from **$109.9 million** to **$104.8 million**. This downturn may suggest challenges in the ride-hailing market, which could be attributed to various factors, including increased competition and changing consumer behaviors.

Despite the significant revenues earned, tax payments for both businesses were notably low. Uber Eats reported an income tax expense of **$539,682**, a decrease from **$609,597** in 2023. Meanwhile, Uber’s tax contribution was **$262,948**, down from **$609,507** the previous year. The combined tax payments of less than **$1 million** have raised questions about the tax strategies employed by these companies.

The divergent financial outcomes of Uber and Uber Eats highlight the complexities of operating in New Zealand’s competitive market. As consumer preferences continue to evolve, both businesses will need to adapt their strategies to maintain and enhance profitability in the years ahead.