Uber was back in the headlines today after the company reported its ‘strongest quarter ever.’ 💪
Below are the company’s key stats vs. expectations:
- Earnings per share: $0.29 vs. ($0.18)
- Revenues: $8.6 billion vs. $8.49 billion
- Mobility gross bookings: $14.9 billion vs. $14.8 billion
- Delivery gross bookings: $14.3 billion vs. $14.3 billion
While Uber’s delivery business drove most of its pandemic-era growth, its mobility segment revenue was back on top during all four quarters of 2022. Meanwhile, the company’s third segment, Uber freight, also booked $1.5 billion in sales this quarter.
Overall monthly active platform consumers rose 11% YoY to 131 million, with 2.1 billion trips completed (+19% YoY). CEO Dara Khosrowshahi said that the pandemic’s impact on the company’s mobility business is “now well and truly behind us.”👍
Although executives said they’re not seeing any signs of consumer weakness, active drivers also hit an all-time high during the quarter. Potentially driving that trend is the rising cost of living, as they’ve noticed that inflation is a factor for 70% of the drivers on its platform. 🤔
Overall, investors are happy to see both of the company’s main segments firing on all cylinders. $UBER shares were up roughly 5% on the day.