Uber Earns A Huge Pile In Last Quarter Of 2022

The ride-hailing giant Uber has reported strong revenue growth in the final three months of last year, defying a slowdown that has pummeled much of the tech sector, Nicole Goodkind reported for CNN Business.

Photo Insert: Uber expects that growth to continue in the current quarter, forecasting that gross bookings would grow between 20% and 24% from last year.

The company reported revenue of $8.6 billion for the quarter, beating Wall Street's estimates and marking a 49% increase from the prior year. In a statement with the results, CEO Dara Khosrowshahi called it the company's "strongest quarter ever."

A surge in ridership was behind the rapid growth, he added. Trips during the fourth quarter hit 2.1 billion, an all-time quarterly high that translates into approximately an average of 23 million trips per day, he said.

Uber expects that growth to continue in the current quarter, forecasting that gross bookings would grow between 20% and 24% from last year. In a statement with the results, CFO Nelson Chai said the company is set up "for yet another record year." Shares of Uber closed Wednesday 5.5% higher.

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