Uber revenue jumps 72% on strong demand for rides
By Catherine Thorbecke, CNN BusinessUpdated: Tue, 01 Nov 2022 12:44:44 GMTSource: CNNIf a recession is looming, you wouldn't know it from looking at Uber's business.Uber on Tuesday reportedBy Catherine Thorbecke, CNN Business
Updated: Tue, 01 Nov 2022 12:44:44 GMT
If a recession is looming, you wouldn't know it from looking at Uber's business.
Uber on Tuesday reported $8.3 billion in revenue for the three months ending in September, a 72% increase from the prior year, fueled by strong demand for rides and meal deliveries even as inflation and recession fears weigh on consumers.
The company's mobility segment, which includes its ride-hailing business, saw revenue grow 73% from the prior year to $3.8 billion for the quarter. The number of trips during the quarter grew 19% to 1.95 billion, representing an average of approximately 21 million trips per day.
Uber's revenue from its Eats delivery business, meanwhile, increased 24% from the prior year to $2.8 billion.
"Even as the macroeconomic environment remains uncertain, Uber's core business is stronger than ever," Dara Khosrowshahi, Uber's CEO, said in a statement accompanying the earnings report.
On a conference call with analysts Tuesday, Khosrowshahi said Uber's business has benefited from "cities reopening, travel booming and, more broadly, a continued shift of consumer spending from retail to services." Uber has "seen these trends continue into the fourth quarter," he said.
Shares of Uber surged more than 10% in pre-market trading Tuesday following the results, effectively shrugging off yet another billion-dollar quarterly loss from the company.
Uber reported a net loss of $1.2 billion, which it said was primarily due to investments.