Uber Sales Hit Record; CEO Says Pandemic Slump Is Over

Uber Technologies (UBER) posted record quarterly and full-year revenue, and CEO Dara Khosrowshahi said that the drop-off in ridership caused by the COVID-19 pandemic is over.

Uber reported fourth quarter 2022 sales that jumped 49% to $8.6 billion, better than forecasts. Profit was $0.29 per share. Analysts had anticipated a loss. For the full year, revenue soared 83% to $31.9 billion.

Gross bookings grew 19% in the quarter, rising 31% for the company’s Mobility unit and 6% for the Delivery unit.

Pandemic’s Impact ‘Behind Us’

Khosrowshahi indicated that the “pandemic’s impact on our Mobility business is now well and truly behind us.” He noted that, in the quarter, Mobility set all-time highs in gross bookings, monthly active platform customers (MAPCs), active drivers, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), and adjusted EBITDA margin.

Khosrowshahi was also upbeat about the future, explaining that the company’s guidance “demonstrates we are entering the year with great momentum.” Uber expects current quarter gross bookings to increase 20% to 24%, with adjusted EBITDA of $660 million to $700 million.

Shares of Uber Technologies were up 5.5%. They’re down 2% over the past year.