Why Uber Technologies Is Surging This Week

Shares of Uber Technologies (NYSE: UBER) are soaring 14.4% higher this week, from last Friday's close, after the ridesharing giant said it might finally turn a profit. While that's a spread you can drive an Uber Eats vehicle through, it's better than the $100 million loss it predicted just last month and means that more than a decade after its founding, it just might be able to be a profitable business. While still best known as a third-party ride-hailing company, Uber now generates more money from its delivery business, which got a massive boost during the start of the pandemic and has continued growing since.