UBER SEES FEW SIGNS OF CUSTOMER PULLBACK DESPITE INFLATION

Shares of Uber surged after the company said there is little evidence that Americans are pulling back on hailing rides or ordering food deliveries despite soaring inflation. “Cities are reopening, travel is building, and more broadly a continued shift of consumer spending from retail back to services,” said CEO Dara Khosrowshahi. “We’ve seen these trends continue into the fourth quarter with October tracking to be our best month ever for mobility and total company gross bookings.” The company expects fourth-quarter gross bookings to rise 23% to 27% from last year, totaling $30 billion to $31 billion. Shares of Uber Technologies Inc., down almost 30% this year, jumped 15% at the opening bell to $30.57. In the most recent quarter, gross bookings increased 26% to $29.1 billion, or 32% on a constant-currency basis. Trips grew…

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AppleMagazine (Digital) - 1 Issue, #575

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