Photo by Viktor Bystrov
Uber, an American mobility service provider, is slowly recovering from the impact of the pandemic.
On Wednesday, the firm disclosed its revenue increased 83% year-over-year to $5.8 billion in the last quarter of 2021, as people turned to its ride-hail platform more and more to travel and order food via its delivery service.
In a statement along with the upshot, CEO Dara Khosrowshahi said, “Our results demonstrate just how far we’ve come since the beginning of the pandemic.”
The upshot exhibits “how eager people are to move around their cities as restrictions ease up and how delivery has become an important part of their daily lives,” Khosrowshahi stated on a conference call with analysts.
Khosrowshahi recognized that the increase in COVID-19 cases from the Omicron variant started to affect its operations late in December; however, he stated its ride-hailing operations “is already starting to bounce back.”
Last quarter, Uber held 118 million active users monthly, its all-time high amount until now and a 27% growth from the previous year.
Uber stocks soared over 5% in after hours after the earnings announcement.
Uber reported a profit of $892 million for the three-month period as well, earning its second highest profitable quarter as a public firm, some expenses excluded.
That went afloat partly because of its investments in Grab, a ride-hail firm, which in 2018 obtained Uber’s Southeast Asia business, and Aurora, a self-driving car manufacturer, which in 2020 obtained Uber’s self-driving operations.
Uber announced a $496 million net loss for the whole year, deflated considerably from the sharply $6.8 billion it lost the year previously.
Opinions expressed by Artist Weekly contributors are their own.
