Uber Technologies reported revenue that beat analysts' estimates, suggesting rising inflation hasn't kept consumers from ordering more takeout or hailing a ride.
Uber Technologies Inc. reported revenue that beat analysts' estimates, suggesting rising inflation hasn't kept consumers from ordering more takeout or hailing a ride. The shares jumped about six per cent in premarket trading.
Uber's report contrasts with much of the technology sector that's seen giants like Microsoft Corp. and Alphabet Inc. and gig-economy peers like DoorDash Inc. and Lyft Inc. lay off workers and scale back to adjust to a more uncertain economic outlook. Uber eliminated thousands of jobs in the early stages of the pandemic in 2020 but has said recently it has no plans for widespread job cuts.
The company reported its ride-hailing driver base was at an “all-time high,” a sign that it's moving past a persistent shortage of drivers that resulted in higher fares and wait times for customers for much of last year. The price of an Uber ride was US$13.91, on average, 5 per cent lower than last year, while Lyft fares fell 1 per cent, according to data from Gordon Haskett Research Advisors, which surveys ride-share prices across 30 cities in the U.S.
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