It's taken 14 years and nearly $32 billion of cumulative losses, but ride-sharing and food delivery company (NYSE: UBER) is finally a profitable company.

Uber reported a net income of $394 million in the second quarter. That number includes a $386 million unrealized gain from equity investments, so it's not quite as good as it looks. But still, reporting a GAAP profit is an achievement for a company that has been a chronic money loser for so long.

I've had my doubts that any company could make ride-sharing and food delivery work as a sustainable business. Indeed, Uber's competitors are still struggling. Lyft, Uber's rival in the ride-sharing market, posted a net loss of $188 million of $1 billion of revenue in the first quarter. DoorDash, the restaurant delivery leader in the U.S., lost $162 million on $2 billion of revenue in the first quarter.

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Source Fool.com