business news in context, analysis with attitude

•  From the Associated Press:

"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."

The story notes that "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.

"Delivery revenue grew 6%, and revenue for the ride-share part of the business climbed 34%."


•  From The Information:

"Apple is building prototypes of at least two iPhones that fold widthwise like a clamshell, according to a person with direct knowledge of the situation. If Apple ends up launching a foldable iPhone, it would be one of the biggest hardware design changes in the product’s history.

"Foldable phones can be smaller and more portable than typical smartphones and take photos without the help of a stand when they are unfolded at a 90-degree angle. Such phones have become more common after Samsung Electronics released the Galaxy Fold in 2019. Motorola, Google and a number of Chinese brands have since released their own foldable devices, but they are relatively niche because of their high retail cost and fragility compared to traditional smartphones.

"The foldable iPhones are in early development and aren't on the company’s mass production plans for 2024 or 2025, the person said. Apple recently approached at least one manufacturer in Asia for components related to two foldable iPhones of different sizes, they said. The products could be canceled if they don’t meet Apple’s standards, they said."