Uber reports US$892m Q4 profit, topping expectations

[NEW YORK] Uber announced US$892 million in quarterly profits on Wednesday on surging revenues as the ride-hailing firm reported a strong demand recovery following the latest Covid-19 wave.

The San Francisco-based company notched increases across its operations, including its signature ride service, food delivery and freight operations, which saw revenues more than triple from the year-ago levels.

Uber also had gains in monthly active platform consumers, gross bookings and trips compared with the year-ago level.

Revenues jumped 83 per cent to US$5.8 billion.

"Our results demonstrate just how far we've come since the beginning of the pandemic," said chief executive Dara Khosrowshahi.

"While the Omicron variant began to impact our business in late December, mobility is already starting to bounce back, with gross bookings up 25 per cent month-on-month in the most recent week."

Profits were boosted by US$1.4 billion in increased value tied to Uber's equity investments. The transportation company lost US$968 million in the year-ago period.

Shares jumped 5.8 per cent to US$42.50 in after-hours trading. AFP