Uber’s Revenue Up 29% as U.S. Ride-Hailing Business Improves
The News
Uber said on Tuesday that its revenue grew 29 percent in its most recent quarter as the company benefited from a series of investments in new services, as well as the continued return of drivers to its ride-hailing business.
The company said it had $8.8 billion in revenue, roughly in line with investors’ expectations. Uber had $31.4 billion in gross bookings — the amount of money paid by customers — a 19 percent jump from a year ago.
Uber said it remained on track to generate a quarterly profit from the strength of its business operations sometime this year — a milestone on the road to overall profitability.
“With our global scale and deeper local density, we are increasingly separating from smaller regional competitors both on driver preference and on the breadth of mobility products we offer consumers,” Dara Khosrowshahi, Uber’s chief executive, said in a statement.
Shares of Uber stock jumped more than 9 percent premarket trading as the company reported other figures that beat investor expectations.
Source: The New York Times
