Uber Posts ‘Strongest Quarter Ever,’ Income Up 49%

In a bleak interval for tech firms, Uber has soared.

In its most up-to-date quarterly earnings report, the ride-share big posted $8.6 billion in income for the quarter ending on Dec. 31.

That is a 49% uptick from the identical time interval final yr, per The New York Instances.

“We ended 2022 with our strongest quarter ever, with sturdy demand and report margins,” mentioned CEO Dara Khosrowshahi within the earnings report.

It seems that among the many expertise trade, which has laid off hundreds of employees and broadly struggled amid inflation and other people returning to post-lockdown life, Uber is one thing of an outlier.

Associated: Extra Than 1,600 Tech Employees Are Being Laid Off A Day On Common In 2023, In line with a New Report

Firms from Amazon to Meta to Google have offloaded hundreds of workers, however the post-pandemic buffets had been extra like a wind at Uber’s again.

“All of these different tech firms in hindsight now look to have overhired in the course of the digital increase of the pandemic, once we had been all caught inside utilizing digital providers,” an analyst at D.A. Davidson, Tom White, informed the NYT.

Uber has two most important enterprise sectors: mobility, which covers issues like ride-hailing, and supply, which incorporates providers like Uber Eats. Throughout its complete enterprise, the corporate reported a rise in whole bookings of 19% within the quarter year-over-year.

Daniel Ives, a tech analyst at Wedbush Securities, informed CNBC it was the corporate’s greatest quarter since its IPO in 2019.

There’s “inexperienced grass forward,” Ives added.

Uber’s optimistic efficiency additional places stress on competitor Lyft to “reduce prices,” he mentioned. Lyft is about to publish its fourth-quarter earnings after the market closes on Thursday.

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