The number of new drivers on the platform increased during the second quarter and wait times and surge pricing will improve further as driver supply comes back into balance with customer demand, Khosrowshahi said. That brings the stock’s losses for the year to 30 per cent. Uber shares gained 19 per cent in New York, closing at US$29.25. “We are big believers in delivery and the focus here is, really, profitability.”

“Both the US and international are growing at a rate of 40 plus percent which is super healthy,” Khosrowshahi said. Uber Eats revenue grew 25 per cent from a year ago and Khosrowshahi said a key focus for the company the remainder of this year will be increasing profitability in the delivery segment. Khosrowshahi’s optimistic tone stood out in a turbulent time for technology companies, as inflation stokes fears of a pullback in consumer spending for services like food-delivery and rides. He pointed to Uber’s record gross bookings and revenue, which more than doubled to US$8.1 billion in the second quarter, and said the dual mission in carrying people and making deliveries would set it apart from peers in the event of an economic downturn. “The business is really hitting on all cylinders,” Chief Executive Officer Dara Khosrowshahi said Tuesday in an interview on Bloomberg Television. soared the most since 2020, buoyed by revenue that beat analysts’ estimates as customers kept hailing rides and ordering takeout food in the face of quickening US inflation.

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