ALBAWABA - Uber said its revenues jumped by 29 percent to $8.8 billion in the first quarter of this year, surpassing Wall Street's expectations and showing a strong recovery in the wake of a slowdown during the COVID-19 pandemic.
The earnings reflected Uber's stability and growth, despite concerns of a recession and slower growth in other companies, Uber said in a report.
Despite the challenges caused by the pandemic, Uber's gross bookings for rides have increased by 19% on an annual basis to around $31.4 billion, it said.
It said the number of rides during the first quarter of 2023 increased by 24 percent, compared to the corresponding period in 2022.
Additionally, the company expanded its business beyond transportation services by delivering food and groceries during the pandemic.
Uber CEO Dara Khosrowshahi said the company started off strong in 2023. He voiced optimism in the company's ability to improve its competitive position in the global market.
As a result of the impressive Q1 revenue report, Uber's shares rose more than 8 percent in pre-market trading Tuesday.
Meanwhile, Uber's main competitor, Lyft, announced a 26 percent reduction of its workforce last month, highlighting Uber's resilience in the current economic climate.
Overall, Uber's revenue report shows that the company continues to be a major player in the ride-sharing industry, with potential for continued growth and expansion.
