Get All Access for $5/mo

Uber Breaks Out of the Tech Funk With Quarterly Revenue Up 49% From Last Year Digital ads' loss is transportation's gain.

By Gabrielle Bienasz

Opinions expressed by Entrepreneur contributors are their own.

Bloomberg / Contributor I Getty Images
Dara Khosrowshahi, Uber CEO.

In a bleak period for tech companies, Uber has soared.

In its most recent quarterly earnings report, the ride-share giant posted $8.6 billion in revenue for the quarter ending on Dec. 31.

That's a 49% uptick from the same time period last year, per The New York Times.

"We ended 2022 with our strongest quarter ever, with robust demand and record margins," said CEO Dara Khosrowshahi in the earnings report.

It appears that among the technology industry, which has laid off thousands of workers and broadly struggled amid inflation and people returning to post-lockdown life, Uber is something of an outlier.

Related: More Than 1,600 Tech Workers Are Being Laid Off A Day On Average In 2023, According to a New Report

Companies from Amazon to Meta to Google have offloaded thousands of employees, but the post-pandemic buffets were more like a wind at Uber's back.

"All of those other tech companies in hindsight now look to have overhired during the digital boom of the pandemic, when we were all stuck inside using digital services," an analyst at D.A. Davidson, Tom White, told the NYT.

Uber has two main business sectors: mobility, which covers things like ride-hailing, and delivery, which includes services like Uber Eats. Across its entire business, the company reported an increase in total bookings of 19% in the quarter year-over-year.

Daniel Ives, a tech analyst at Wedbush Securities, told CNBC it was the company's best quarter since its IPO in 2019.

There's "green grass ahead," Ives added.

Uber's positive performance further puts pressure on competitor Lyft to "cut costs," he said. Lyft is set to post its fourth-quarter earnings after the market closes on Thursday.

Gabrielle Bienasz is a staff writer at Entrepreneur. She previously worked at Insider and Inc. Magazine. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Living

An Escape From Meetings and Spreadsheets: 70,000+ Retro Video Games

Unwind with classic games and streaming on one powerful emulator and streaming console.

Business News

Who Is Luigi Mangione? UnitedHealthcare CEO Brian Thompson Murder Suspect Arrested, Faces Several Charges

Mangione, 26, has been charged in connection with the killing of Thompson.

Side Hustle

At Age 15, He Used Facebook Marketplace to Start a Side Hustle — Then It Became Something Much Bigger: 'Raised Over $1.6 Million'

Dylan Zajac, now a 21-year-old senior at Babson College, wanted to bridge the digital divide.

Franchise

McDonald's Announces the Return of the Snack Wrap in 2025 — Here's What to Expect From Its Comeback

The decision comes after years of persistent customer demand for the portable snack, which debuted nearly two decades ago.

Starting a Business

10 Traits of Successful Entrepreneurs That Investors Love (Even If They Seem Like Jerks)

This article explores a thought-provoking question: Why do many successful entrepreneurs exhibit traits that might label them as "jerks?"

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.