Uber post ‘strongest quarter ever’ aided by record number of ride-hail journeys in Q4 2022

Ride-hailing giants Uber recorded a record number of journeys in the final quarter of 2022 prompting their CEO to call it ‘our strongest quarter ever’.

Uber surprised many financial analysts by recording a profit in Q4 with a boost in private hire journeys and takeaway revenue over the festive period at the centre of their success.

In a record-breaking three months nearly a million journeys were undertaken every hour worldwide. The number of drivers working on the platform also reached an all-time high as the firm continued to recruit post-pandemic.

Monthly active drivers and couriers on Uber reached a huge 5.4 million during the quarter. Uber expanded the rollout of Upfront Pricing and Upfront Destination information to earners outside the US.

Revenue from Uber's rideshare, scooters and train booking services increased 82% based on the previous year and equated to $4.136bn (£3.42bn) in revenue.

Overall pre-tax profits reached $665m (£551.2m), an increase of $579m (£480m) based on 2021.

In total, revenue shot up 49% to $8.61bn (£7.13bn).

Dara Khosrowshahi, Uber CEO, said: “We ended 2022 with our strongest quarter ever, with robust demand and record margins.

“Our global scale and unique platform advantages position us well to accelerate this momentum into 2023.”

Nelson Chai, Uber CFO, said: "In 2022, we significantly exceeded our profitability outlook, with an incremental margin of 10%.

“Our outlook for a Gross Bookings and Adjusted EBITDA step up in Q1 builds on that progress, and sets us up for yet another record year."