Uber attracts record numbers of drivers as cost of living bites

Uber shares rose more than 13% after better-than-expected results. The numbers suggest a path for Uber to be profitable, despite inflationary pressures and persistent driver shortages in some cities, said Dan Ives, an analyst at Wedbush Securities. “Simply put, despite rising ride share prices in the U.S. and Europe, it’s clear that consumers are still moving to the Uber platform, especially as travel, the shift to the office and other post-pandemic trends take hold worldwide with Uber poised to benefit in 2023.” he said

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