Uber profits ride high on the back of increased travel and food deliveries.
A record number of Uber trips are taken as drivers flock to the platform, bucking pandemic-era fears and leading the chief executive to declare results in the last three months of 2022 “our strongest quarter ever”.
The fourth quarter results of Uber show that transportation and food delivery are giants. They showed a significant increase in the number of trips taken on the platform, with nearly a million visits taken every hour worldwide and a total of 2.1 billion journeys from October to the end of December, a 19% increase from the previous year. The number of active drivers and delivery couriers on the platform reached an all-time high of 5.4 million per month. The results also showed an 82% increase in revenue from the company’s core rideshare, taxi, scooter, and train booking business, reaching $4.136 billion. Food delivery revenue also increased from $2.42 billion in the same period in 2021 to $2.93 billion in 2022. The company reported pre-tax profits of $665 million, far exceeding expectations, and overall revenue of $8.61 billion, which beat estimates of $8.49 billion. Despite the reopening of restaurants for in-person dining, the delivery business also performed strongly.
The article is “Uber profits ride high on back of increased travel and food deliveries.”