Uber attracts record number of drivers due to falling cost of living

Uber shares jumped more than 13% after better-than-expected results. The numbers indicate that Uber could become profitable despite inflationary pressures and continued driver shortages in some cities, said Dan Ives, an analyst at Wedbush Securities. “In short, despite rising stock prices in the US and Europe, it is clear that consumers are still moving to the Uber platform, especially as travel, moving to the office and other post-pandemic trends have taken hold around the world, and Uber is ready to reap the benefits in 2023.” he said.