Uber has been mired in controversy in recent weeks, but that hasn’t hurt its profits, as it reported revenue of $8.07 billion, just over double the same period in 2021, when it had revenue of $3.929 million.
Dara Khosrowshahi, CEO of Uber, mentioned that the company is benefiting from an increase in rides from the app and a shift from retail to services.
The Mobility vertical regained importance within the company, as it generated 3,553 million dollars in revenue. This represents a change of 120%, thanks to the fact that people already have pre-pandemic dynamics and have returned to using the service more frequently.
Regarding the Delivery division, it registered 2,688 million dollars in revenue, that is, 37% more than last year, while Freight had revenue of 1,832 million dollars, an increase from 348 million dollars in 2021.
In the second quarter of the year, Uber experienced some controversy that ultimately did not affect its performance. One of them was the , which revealed the relationships between company executives and high-level politicians to allow the incorporation of the Uber model into the economies of the countries, even when it was not allowed.
Likewise, in this period there was also an increase in fuel prices. However, the company noted that it has more drivers and couriers than before the pandemic, and the growth of new and active drivers has accelerated.
“In the context of high gas prices globally, this is a resounding endorsement of the value drivers continue to see in Uber. As a result, in July pricing and waiting times are near their lowest levels in a year in several markets, including the US,” Khosrowshahi said.
Khosrowshahi also noted in a call with investors that new driver onboarding was up 76%, noting that more than 70% made the decision to join Uber, due to cost-of-living consequences of inflation.
During the quarter, the platform reported having made 1.87 billion trips, that is, 9% more than the previous three months and 24% more than last year. In this sense, active monthly current consumers reached 122 million (21% more year after year), while drivers and delivery men earned a total of 10.8 billion dollars, 37% more than in 2021.
Recently, the platform announced a series of changes, with the aim of continuing to attract and retain its drivers in the United States. One of the most relevant is the possibility to choose the trips you want, as well as see how much they will earn before accepting a trip.
It is worth mentioning that the platform also reported a net loss of 2.6 billion dollars, of which 1.7 billion were attributed to investments, as well as a revaluation of stakes in companies such as Aurora (autonomous mobility), Grab (mobility service in Southeast Asia) and Zomato (delivery division in India).
