Uber is Growing Fast Despite Gloom Among Consumers

Tech company Uber has suffered little from the declining consumer confidence in Europe and the United States. In the last three months of 2022, the company earned much more from taxi rides and meals ordered through its apps than a year earlier.

The amount spent on orders via Uber worldwide rose by 19 percent annually to 30.7 billion dollars. Turnover for Uber itself rose even faster. At $8.6 billion, revenues were almost half higher than in 2021, when lockdowns still led to lower demand for taxi rides.

That no longer seems to be the case. For the first time since the outbreak of the corona pandemic in 2020, the number of taxi rides via Uber again exceeds the number of orders from restaurants.

Uber also knows how to make more and more profit from the proceeds. Adjusted earnings before taxes, interest and amortization rose to $665 million. That is much more than the $86 million a year earlier. However, net profit did fall compared to the final quarter of 2021. This had to do with the company’s paper profits on interests in other companies during that period.

CEO Dara Khosrowshahi speaks of the best quarter in Uber’s history. He also expects results to improve in 2023, he said in an explanation of the quarterly figures.

Unlike other major tech companies, such as Amazon, Google and Facebook, Uber does not seem to have to announce mass layoffs for the time being. That was the case at the start of the corona crisis in 2020 when thousands of employees lost their jobs.

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