Entertainment Post

Uber Is Over the Slump Caused by the Pandemic

Photo by Viktor Bystrov

Uber, the American mobility service provider, is slowly recovering from the impact of a pandemic.

On Wednesday, the firm announced its revenue increased 83% year-over-year to $5.8 billion in the last three months of 2021, as people turned to its ride-hail platform more and more to travel and order food via its delivery service.

“Our results demonstrate just how far we’ve come since the beginning of the pandemic,” CEO Dara Khosrowshahi said in a statement along with the outcome. 

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 surge in COVID-19 cases from the Omicron variant started to impact its operations late in December; however, he stated its ride-hailing operations “is already starting to bounce back.”

The number of monthly active users for Uber has been on a constant rise, and this quarter it reached its highest point yet. The company says that 118 million people used their service last quarter, a 27% growth from the year earlier. 

Uber stocks rose over 5% hours after their earnings announcement.

The ride-sharing service, Uber, announced that it made $892 million during the three months, which was its second-highest profitable quarter as a public firm. 

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 reported a $496 million net loss for the whole year, decreased considerably from the roughly $6.8 billion it lost the year earlier.

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