Uber Beats Expectations on Q4 Earnings

Uber is making a comeback from pandemic-era losses.

Uber is making a comeback from pandemic-era losses.

This week, prominent ridesharing company Uber reported their earnings for the fourth quarter of 2022. Prior to the report, analysts kept their expectations of the company measure, anticipating an 18 cent drop in share value and an overall revenue of $8.49 billion.

However, Uber managed to cap off 2022 fairly decisively, beating both of the analyst expectations. Rather than a share price drop, Uber’s shares rose in value by 29 cents, while their revenue for the quarter clocked in at a respectable $8.6 billion, a 49% increase compared to this time the year prior.

Uber CEO Dara Khosrowshahi called Q4 the strongest quarter to their strongest year in a while. He assured that, after difficulties faced by the ridesharing industry during the height of the COVID-19 pandemic, those problems are “now well and truly behind us.”

“Importantly, we achieved these results while also maintaining or improving our competitive position across our key markets,” he added.

In a separate statement to CNBC, Khosrowshahi said that the company is benefitting from a consumer shift over from single retail purchase to recurring service usage. “We have looked and looked,” he said. “We’re not seeing any signs of consumer weakness at this point.”

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