With a 49% increase in revenue, Uber speaks of “the strongest quarter in history”

Uber on Wednesday reported strong revenue growth for the final three months of last year, defying a slowdown that has plagued much of the rest of the technology sector.

The ride-hailing giant reported revenue of $8.6 billion for the quarter, beating Wall Street estimates and marking a 49% year-over-year increase.

Its growth was driven by an increase in passenger numbers. The company said trips during the quarter reached 2.1 billion, an all-time quarterly high and representing approximately 23 million trips per day on average.

In a statement with the results, CEO Dara Khosrowshahi called it the company’s “strongest quarter ever”.

Uber shares rose as much as 8% in premarket trade on Wednesday following the results.

In recent months, many of the biggest names in the tech industry have experienced a sales slowdown as broader economic uncertainty prompts advertisers and some consumers to rethink spending.

The tech industry, which boomed during the pandemic as people were forced to spend more time online, has also had to contend with a shift in this behavior as people return to their offline lives.

This shift appears to be benefiting Uber, however.

“Uber continues to see healthy growth as the supply of drivers appears stable, while the company continues to benefit from the return of rides, the move to the office and other post-pandemic trends that continue in major cities,” said Dan, analyst at Wedbush Securities. Ives spoke in a note on Wednesday following the release of Uber’s results.

Uber expects growth to continue in the current quarter. The company predicted that its gross bookings would grow between 20% and 24% year-over-year.

In a statement with the results, CFO Nelson Chai highlighted that the company is prepared “for another record year”.