Entertainment · August 3, 2022

Uber attracts record number of drivers as cost of living falls

Uber shares rose more than 13% after the better-than-expected results. The numbers point to a path for Uber to become profitable despite inflationary pressures and ongoing driver shortages in some cities, said Dan Ives, an analyst at Wedbush Securities. “In short, despite rising rideshare share prices in the US and Europe, consumers are clearly still switching to the Uber platform, especially as travel, office shifts and other post-pandemic trends take hold globally, with Uber poised to continue by 2023 to benefit from it.” he said.