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.

Side Hustle

'I Was Called Crazy': This 27-Year-Old's Side Hustle Hit $30,000 a Month in Under a Year — Now It's Worth Millions

Changing regulations forced Angel Rodriguez's jet ski rental company to shut down, and the young entrepreneur had to figure out his next move — fast.

Leadership

Is Desire Sabotaging Your Leadership? Here's How to Build Sustainable Success Beyond the Endless Chase For More

Leadership starts with understanding the forces driving us. Discover how embracing courage and logic over fleeting wants paves the way for a more fulfilling and impactful leadership style.

Making a Change

Hot Tip: StackSocial Just Dropped the Price of a Babbel Lifetime Subscription

You can't become part of the global market if you can only talk to your neighbors.

Side Hustle

This 31-Year-Old Spends 2 Hours Per Week On His $3,000-a-Month Passive Income Side Hustle: 'Trust Your Vision'

Hansel Moore's home office "wasn't cutting it" — so he found another place to be creative.

Business News

These Are the Most In-Demand Jobs for 2025, According to a New Report

From software developer to registered nurse, these jobs have the highest number of predicted openings.

Science & Technology

Want to Make Money With AI? Here Are Easy Steps to Unlock Explosive Profits in 2025

Learn to turn Google AI Studio into a profit-boosting machine with this three-step framework. Train AI to analyze data, uncover sales opportunities and maximize profits.