Uber CEO Dara Khosrowshahi was stunned to find out that a 2.9-mile ride in NYC cost $51.69, including tip. He blamed the pricey fare on surge pricing and inflation.
“Everything is more expensive,” Khosrowshahi said bluntly, noting that the effects of inflation have caused rates to go up along with the cost of time and labor.concluded that Uber’s prices in the US have increased at four times the rate of inflation from 2018 to 2022.
Operating profits came in at $326 million for the quarter — the first profitable quarter since Uber’s founding in 2009.Meanwhile, revenue rose 14% year-over-year, to $9.2 billion, and total transactions on its app grew 16% from 2022 to $33.6 billion. On Tuesday, Uber released its second-quarter earnings, posting its first-ever operating profit, which came in at $326 million.The company also announced that Uber’s chief financial officer, Nelson Chai, will leave the company on Jan. 5, 2024, and “a search for his replacement is underway.”
Chai, who stepped into the role in 2018, led Uber’s initial public offering in 2019 and oversaw the company’s $2.65 billion acquisition of Postmates in an all-stock deal in 2020.
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