Uber Reports “Strongest Quarter Ever” Amid Economic Downturn
On Wednesday, Uber reported an all-time quarterly high for the final three months of last year.
According to CNN, Uber’s revenue for the quarter was up 49% year over year at $8.6 billion.
As the tech sector suffered, Uber appears to have come out on top with 2.1 billion trips during the quarter which represents an average of about 23 million trips a day, per CNN.
The tech industry boomed during the pandemic as people were locked down and forced to spend more time online. Uber relied on its Eats delivery service during that time, but according to CNBC, in 2022 riders began to take more trips and its mobility segment surpassed the Eats revenue, making it a record year for the company.
Uber CEO, Dara Khosrowshahi, said in a statement that the company’s “record year” ended with its “strongest quarter ever.” Despite the economic uncertainty, he claimed, “Our global scale and unique platform advantages position us well to accelerate this momentum into 2023.”
Uber shares reportedly rose as much as 8% in pre-market trading on Wednesday after the results were published.
According to Uber’s report, here is what the company anticipates for the first quarter of 2023:
- Gross Bookings to grow 20% to 24% YoY on a constant currency basis, with an expected 3 percentage point currency headwind, translating to a range of $31.0 billion to $32.0 billion.
- Adjusted EBITDA of $660 million to $700 million.
