Uber Posts Record Revenue but Loses More Money From Investments

“I challenged the team to meet our profitability commitments even faster than planned, and the team delivered,” Mr. Khosrowshahi wrote in prepared remarks Tuesday.

Uber’s strong results, on the heels of more mixed reports from other tech companies like Amazon and Microsoft, were not without blemishes. The company still lost $2.6 billion, including $1.7 billion from its investments in other ride-hailing businesses like Aurora, Grab and Zomato.

But the company pointed to other positive signs. Though Uber has had to contend with high gas prices and is entangled in a variety of legal disputes across the United States over the employment status of its drivers, it now has nearly five million drivers around the world, a record number and a 31 percent increase from a year earlier.

On Friday, Uber said it would begin allowing drivers to see their destination and earnings for a trip before accepting a passenger, a change that the company said was aimed at giving its drivers more flexibility and support. The new program, Upfront Pricing, has been tested in about 20 U.S. markets this year and will be rolled out to most of the country, except California and some other markets, in the coming months, said Alix Anfang, an Uber spokeswoman.

Article source: https://www.nytimes.com/2022/08/02/business/uber-quarterly-earnings.html