Uber more than doubles revenues to nearly $4bn after a dismal pandemic year

Uber is regaining much of the momentum it lost during the pandemic, announcing on Wednesday that its ride-hailing services saw a 105% increase from this time last year.

Revenue for the company’s most recent financial quarter totalled $3.93bn, beating analysts’ expectations and more than doubling from the dismal conditions at the same time last year when the pandemic was keeping most people at home.

Allo stesso tempo, Uber’s delivery service is still growing at an intense pace, indicating that some homebound habits may be here to stay, even though people are going out again.

Those two trends produced Uber’s best quarterly report since the pandemic clobbered the San Francisco company 17 months ago.

In an even more telling sign of progress, Uber provided 1.51bn rides during the quarter – an 105% increase from the same time last year. Despite that big jump, the total rides for the period were still roughly 10% below the number given at the same time two years ago, before the pandemic upended the economy.

The company’s ride-hailing revenue also more than doubled from last year to $1.62bn. Besides giving more rides than last year, Uber’s prices also have been rising.

That’s partly because the company finally is trying to turn a profit, but also because it’s paying drivers more as it tries to lure more of them back behind the wheel and responds to increasing pressure from governments around the world to boost their incomes.

All'inizio di questo mese, drivers in a number of major US cities including Los Angeles and San Francisco joined in a daylong strike protesting poor working conditions and calling for the ability to organize. Some drivers have characterized the record driver shortage, in which drivers are refusing to return, as a “silent strike”.

CEO Dara Khosrowshahi acknowledged in a call after earnings were released that in major markets such as San Francisco, New York and Los Angeles, demand “continues to outpace supply” and prices and wait times “remain above our comfort level”.

He said Uber is continuing to offer incentives to bring more drivers to the platform. La settimana scorsa the company announced it would offer free language courses to drivers through a partnership with Rosetta Stone.

Despite the generally upbeat earnings report, shares of Uber Technologies fell about 6% in after-hours trading.

The Associated Press contributed to this report

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