Uber will soon be included in the S&P 500 index

Uber will soon be included in the S&P 500 index

New York, December 8, 2023

Uber Technologies Inc. (UBER) will join the S&P 500 Index after the company reported two consecutive profitable quarters. The rideshare company’s place in the benchmark index will be officially announced on December 18th.

• Uber, along with Jabil and Builders, will replace FirstSource Sealed Air Corp., Alaska Air Group and SolarEdge Technologies in the S&P 500.
• To be included in the index, companies must report total profits for both the most recent quarter and the previous four quarters, according to S&P guidelines.
• In the third quarter, Uber reported net income of $221 million on revenue of $9.29 billion, contributing to more than $1 billion in profits over the past four quarters.
• Uber’s market capitalization of at least $118 billion far exceeds the S&P’s minimum requirement of $14.5 billion. The median market capitalization of S&P 500 companies is approximately $31 billion.
Zoom out:
• Uber reported its first quarterly operating profit of $326 million in the second quarter of 2023, after suffering operating losses of $31.5 billion since 2014.
• “We plan to be profitable every quarter going forward,” CEO Dara Khosrowshahi said at the time.