Uber had a strong Q4 and 2022, with revenues nearly doubling from $17 billion to $32 billion from the prior year. During the earnings call, company officials exuded confidence and claimed that 2023 will bring a record-breaking high. Uber’s CEO, Dara Khosrowshahi, summed up the company as “the world’s leading source of on-demand movements.”
Uber’s positioning as a “platform for earners” was highlighted on the earnings call, among other things. With drivers earning $35 every used hour, the company has positioned itself as a way for people to make substantial money rapidly. While the rides segment expanded more quickly than the delivery segment, the latter remained robust and superior to its rivals.
The success of cross-selling between ride and delivery businesses was another noteworthy aspect. In comparison to the prior results call, Khosrowshahi claims that more users are coming from rides for the same quarter of the cost. The business also intends to use AI and machine learning to further personalize and target its cross-sell offerings.
The CEO also pointed out that the company’s delivery rivals have started to be more frugal with their spending, which has given Uber a special advantage in attracting new users through its rides service for a lower price.
In summary, Khosrowshahi said: “We are about earning, not simply about spending. We are the leading provider of on-demand moves globally, and we’ll keep innovating to give our customers the very best service.”