Uber Revenue More Than Doubles as People Ride More and Keep Ordering In

Uber’s revenue more than doubled, as demand for rides rebounded amid fresh Covid-19 concerns and growth in food delivery

by this adjusted measure last year and have said this signals the strength of their underlying operations. This metric strips out expenses like asset write-downs that many consider to be outside a company’s core operations.

Both companies’ shares have underperformed this year on worries that rising gas prices, labor shortages and new Covid-19 variants could weigh on their growth. Uber and Lyft shares are down about 30% this year through Tuesday’s close, compared with a 20% decline in the Nasdaq Composite Index.Akio Kon/Bloomberg News

Uber said Wednesday that its driver base was at a postpandemic high and it didn’t need to spend heavily to boost supply. Many ride-share drivers switched to delivering food during the pandemic and because Uber has a big delivery business, it has been in a better position to entice drivers to switch to ferrying customers again.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

WSJ /  🏆 98. in US

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

CDC: Keep wearing a mask on planes, trains, mass transitThe CDC is doubling down on its recommendation that Americans keep wearing well-fitting masks when inside airports and stations, and on planes, trains, buses, and other mass transit.
Read more »

Bitcoin mining revenues fell in April while Ethereum's roseBitcoin mining revenues dropped in April by 4.3%, while Ethereum revenues went up by 6.2%.
Read more »

Twitter Circle is in testing for the tweets you’d rather keep to 'select people'Twitter’s testing its version of Instagram Close Friends.
Read more »

Opinion: The Ban On Menthol Cigarettes Has Nothing To Do With Black HealthIf the government knew in 1998 that menthol cigarettes were bad for Black people's health, why did they keep allowing them to be sold?
Read more »

Condé Nast Says It Doubled 2022 Met Gala Ad Revenue, Unveils Largest Originals Slate to Date With 250 SeriesCondé Nast announced its largest-ever video programming slate — with a whopping 250 new and returning originals across 17 brands, including Vogue, the New Yorker, GQ, Glamour, AD, Vanity Fair…
Read more »