CNN
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Uber on Tuesday reported income of $8.8 billion for the quarter ending in March, a 29% enhance from the identical interval final yr and beating Wall Road’s estimates.
The corporate’s continued energy comes regardless of lingering recession fears and stands in stark distinction to the slowing development at different tech firms. It additionally units Uber other than its chief rival Lyft, which is present process important layoffs and a shakeup in its C-Suite.
Uber stated gross bookings surged 19% year-over-year to some $31.4 billion. Furthermore, the variety of journeys throughout the quarter grew 24% in comparison with the identical interval final yr.
“Uber is off to a powerful begin in 2023,” CEO Dara Khosrowshahi stated in ready remarks Tuesday. Even with larger rates of interest and tighter entry to capital, Khosrowshahi stated “we’re properly positioned to enhance our aggressive place throughout our key markets.”
Shares for Uber surged greater than 8% in pre-market buying and selling Tuesday morning.
Jesse Cohen, a senior analyst at Investing.com, stated in a observe Tuesday morning that Uber reported “better-than-feared earnings regardless of ongoing macroeconomic headwinds.”
“The underside line is that regardless of all of the issues plaguing consumer-facing tech firms, the reality is that they have managed to carry out surprisingly properly towards the present backdrop,” Cohen added.
Uber has so-far navigated its pandemic restoration much better than Lyft. Whereas Uber diversified its enterprise past ride-hailing by delivering meals and grocery objects throughout the well being crises, Lyft by no means did. Late final month, Lyft introduced it might reduce 26% of its workforce. Uber has largely prevented having to endure the numerous layoffs which have dominated headlines in Silicon Valley in current months.
Lyft, which additionally lately changed its CEO, is scheduled to report its quarterly earnings on Thursday after the bell.