Uber attracts record number of drivers due to cost of living

Uber shares jumped more than 13% after better-than-expected results. Dan Ives, an analyst at Wedbush Securities, said the numbers point to a path for Uber to become profitable, despite inflationary pressures and an ongoing driver shortage in some cities. “In summary, despite the rise in ride share prices across the US/Europe, it is clear that consumers are still transitioning to the Uber platform, especially as travel, commuting to the office, and other post-pandemic trends spread globally as Uber prepares to benefit. Until 2023,” he said.

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