Uber Technologies (NYSE: UBER) seems to have turned the corner. After years of struggle following its 2019 initial public offering, the stock has reached record highs and the company has achieved its first-ever annual profit. But does that mean shares can continue to move higher, or have investors already missed the opportunity? Let's take a look.

Reaching profitability after its struggles is a huge milestone for the company. Investors had already begun to write off Uber when the pandemic sent its stock plummeting to all-time lows. Moreover, Uber would retest those lows after the 2022 bear market reversed a surge in the stock that took it to record highs at the time.

One factor appears to have boosted the company's prospects: economies of scale. Uber holds an advantage over rival Lyft in that it operates in over 70 countries; Lyft serves U.S. customers only. Moreover, it does not limit itself to serving passengers. In the most recent quarter, about 44% of Uber's revenue came from delivery and freight services.

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Source Fool.com