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CosmicTaco
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Grapevine

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

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