Uber reported strong growth in its ride-hailing and delivery businesses and said it was continuing to bounce back from a pandemic slump, even as it lost $5.6 billion because of its investments in other ride-sharing companies, primarily the Chinese service Didi.
The company reported $6.9 billion in revenue for the first three months of 2022, outstripping analysts’ expectations and skyrocketing 136 percent compared with revenue from the same time last year, when Covid vaccines were scarce and people were not traveling as much. Uber also said it logged 1.7 billion trips during the quarter and had 115 million people using its platform each month.
Still, Uber’s investments in other ride-sharing businesses around the world continue to hamper its bottom line. Of its nearly $6 billion in losses, $5.6 billion came from changes in the valuation of other companies in which it has a stake. Didi’s value has plummeted since it went public last year.
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