The business of ber (UBER) shows signs that it is overcoming the slowdown of the pandemic.
The company reported on Wednesday that its revenue grew 83% year-over-year to $5.8 billion in the last three months of 2021, as people increasingly turned to its transportation platform to get around and order food through its delivery service.
Our results demonstrate how far we have come since the start of the pandemic,” Uber CEO Dara Khosrowshahi said in a statement accompanying the results. In a conference call with analysts, Khosrowshahi said the results also show how eager people are to move around their cities as restrictions ease and how delivery has become an important part of their daily lives.
Khosrowshahi acknowledged that the spike in Omicron variant covid cases started to affect his business in late December, but said his private transport business is “already starting to pick up.
Uber had 118 million monthly active users on its platform last quarter, the highest number to date and an increase of 27% from the previous year.
Uber shares rose more than 5% in hours after the earnings report.
Uber also posted an $892 million profit in the three-month period, marking its second profitable quarter as a public
company, excluding certain expenses. That was fueled in part by his investments in ride-hailing company Grab, which acquired Uber’s Southeast Asia business in 2018, and self-driving car company Aurora, which acquired Uber’s self-driving operations in 2020.
For the full year, Uber reported a net loss of $496 million, down significantly from the roughly $6.8 billion it lost a year earlier.