Uber posts 4Q profit as ride-hailing service bounces back
ABC News
Uber’s ride-hailing service edged closer to returning to its pre-pandemic levels during the final three months of last year
SAN RAMON, Calif. -- Uber’s ride-hailing service edged closer to returning to its pre-pandemic levels during the final three months of last year, but its prospects remain clouded by the future direction of the novel coronavirus that has plagued its business.
The San Francisco-based company's fourth-quarter results Wednesday came in above analysts’ projections. But Uber's forecast for the current January-March period was slightly below what Wall Street had been hoping, suggesting that the omicron variant may have dented the ride-hailing service at the outset of the new year.
That minor letdown evidently didn't dampen investors' excitement about Uber's progress at the end of last year. Its shares rose by about 8% in extended trading after the news came out. Even so, Uber's stock price still remains more than 30% below its peak of roughly $64 reached about a year ago.
The latest numbers highlight how far Uber has come since the declaration of a worldwide pandemic in March 2020 triggered government lockdowns that kept most people at home, limiting the need for anyone to summon a ride on Uber.
