Uber on Tuesday reported revenue of $8.8 billion for the quarter ending in March, a 29% increase from the same period last year and beating Wall Street’s estimates. The company’s continued strength comes despite lingering recession fears and stands in stark contrast to the slowing growth at other tech companies. It also sets Uber apart from its chief rival Lyft, which is undergoing significant layoffs and a shakeup in its C-Suite. Uber said gross bookings surged 19% year-over-year to some $31.
com, said in a note Tuesday morning that Uber reported “better-than-feared earnings despite ongoing macroeconomic headwinds.” “The bottom line is that despite all the concerns plaguing consumer-facing tech companies, the truth is they have managed to perform surprisingly well against the current backdrop,” Cohen added. Uber has so-far navigated its pandemic recovery far better than Lyft.