Uber Reports Strong Consumer Spending and Profit Growth

• Uber has not seen a significant impact on consumer spending despite a weakening US economy, with food delivery demand remaining healthy.
• The company reported a record high in the average number of trips booked by its 156 million monthly active users in Q2, with revenue growing 16% year-on-year to $10.7 billion.
• Net income for the quarter was $1 billion, significantly surpassing market expectations, driven by a $333 million revaluation of Uber's stakes in other companies.
• Uber's delivery segment showed healthy order growth, and the company expects its adjusted earnings to be between $1.58 billion and $1.68 billion in the current period.
• The company is focusing on growth through potential acquisitions and making delivery offerings more affordable, with a growing ads business contributing to profitability.

Source: https://www.ft.com/content/22b1b73e-c9df-4318-8cf8-cac92c85f4f5