Uber Technologies Inc. has posted record profits in the latest quarter. The company beat expected revenue, bringing in $12.65 billion compared to analysts’ expected $12.46 billion. Beazer’s bottom line matched expectations with an earnings-per-share of 63 cents. At the same time, its net income more than doubled to $1.36 billion, compared to $1.02 billion for the same time last year.
The company’s growth trajectory is still on fire, with gross bookings up 17% to $46.8 billion. Stellar user engagement usage has made continued rapid growth for Uber an absolute imperative. The firm announced about 3.3 billion mobility trips booked in the course of the quarter, an 18% increase 12 months over 12 months. Meanwhile, Uber’s revenue jumped 18% year-over-year to $10.7 billion.
Uber’s various lines of business showed promise. Uber’s Mobility division increased gross bookings to $23.76 billion, an 18% increase year-over-year. More surprising was the company’s Delivery segment, which includes the Uber Eats service. It reached gross bookings of $21.73 billion, which was an incredible 20% year-over-year growth. Interestingly, in several overseas markets, Uber Eats is more popular than Uber’s ride-hailing service.
In a strategic move to enhance user experience, Uber launched Senior Accounts that feature an app design equipped with larger text and icons. Through this pilot, families can now more easily manage rides in a unified experience. It gives them the confidence that they can easily book and coordinate rides for their older members.
The company is testing a new feature in the U.S. that enables women riders or drivers to avoid being paired with men when possible, showcasing Uber’s commitment to safety and user comfort.
Dara Khosrowshahi, Uber’s CEO, emphasized the company’s focus on family-oriented services: “We see enormous potential in better serving families across all stages of life.” His statement is in line with Uber’s overall strategy of increasing cross-platform activity as a way to boost revenue growth through sales.
Uber’s board of directors is moving swiftly to restore investor confidence. They have approved a massive $20 billion stock buyback program, reflecting the company’s robust financial position and continued commitment to returning value to shareholders.