Uber recently reported its fourth-quarter earnings, which showed the company posting its "strongest quarter ever," said CEO Dara Khosrowshahi.
The ride-hailing giant's revenue for the quarter was $8.6 billion, a 49% increase from the same period the previous year.
This growth was attributed to Uber's food delivery service growing 80% year over year and seeing a 12% increase in mobility gross bookings from the last quarter.
Additionally, the company surpassed two billion trips in a quarter for the first time, achieving this feat during the holiday season.
Uber's monthly active users grew by 11% to 131 million during Q4, and the number of trips is expected to grow further with the return of travel post-pandemic.
While Uber's earnings beat estimates, the company is still grappling with driver supply shortages and higher labor costs.
"We do expect these cost pressures to continue in 2022 and we will have to make difficult choices to balance price and earnings growth," Khosrowshahi said.
Source differences in characterisation of the announcement include the following: According to MarketWatch, Uber "shrugged off weak demand for ride-hailing and still beat expectations.
" CNN Business focused on Uber's challenges, saying that "a driver shortage led to higher costs during the quarter and will likely continue to weigh on demand for rides."