Uber forecasts adjusted earnings of $5 bln by fiscal 2024

Uber Technologies Inc on Thursday said it would report around $5 billion in adjusted profit in 2024 and improve algorithms to keep costs low and win new customers.

Uber will report around $5 billion in adjusted earnings before interest, taxes, depreciation and amortization, a measure that excludes one-time costs, primarily stock-based compensation, Chief Financial Officer Nelson Chai said at the company's first investor day.

The company expects to also report gross bookings of between $165 billion and $175 billion in 2024, Chai said.

That outlook compares to an adjusted EBITDA loss of $0.8 billion in 2021 and gross bookings of $90 billion.

Uber revealed several strategies for growth and new business opportunities, including a plan to have at least five long-term autonomous vehicle partnerships in the U.S. in 2022.