Uber CEO Has Some Bad News For Riders!

Uber Technologies Inc.’s elevated ride-share prices may be here to stay, according to Chief Executive Officer Dara Khosrowshahi.

On Tuesday, Uber reported revenue during the period ending Sept. 30 increased 72% to $8.34 billion (AFP)

Uber Technologies Inc.'s elevated ride-share prices may be here to stay, according to Chief Executive Officer Dara Khosrowshahi.

“I don't think prices are going to go down to pre-pandemic levels but we have seen pricing ease,” Khosrowshahi said in a Bloomberg Television interview discussing the ride-hailing giant's third-quarter results.

On Tuesday, Uber reported revenue during the period ending Sept. 30 increased 72% to $8.34 billion and adjusted earnings before interest, tax, depreciation and amortization of $516 million.

Khosroshahi said that while consumer spending on the platform remains resilient, the company is still bracing for an uncertain economic outlook. “It is very difficult to tell where things are going to end up,” Khosrowshahi said. “Europe is going to be weaker and is likely headed into a recession. In the US it's unclear, so from our standpoint, we want to be prepared for any eventuality.”

The CEO added that in a weaker labor environment, Uber typically sees more people interested in picking up a side-hustle by driving passengers or delivering meals. Khosrowshahi added that Uber is preparing for “an uncertain world” by taking a conservative stance on its investments.