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Tuesday, December 6, 2022

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Uber CEO has bad news for drivers!

Uber Technologies Inc.’s high ride share prices. may be here to stay, according to CEO Dara Khosrowshahi.

Uber Technologies Inc.’s high ride share prices. may be here to stay, according to CEO Dara Khosrowshahi.

“I don’t think prices will fall to pre-pandemic levels, but we’ve seen prices ease,” Khosrowshahi said in an interview with Bloomberg Television, discussing the ride-hailing giant’s third-quarter results. .

On Tuesday, Uber reported that revenue for the period ended September 30 was up 72% to $8.34 billion and adjusted earnings before interest, taxes, depreciation and amortization of $516 million.

Khosroshahi said that while consumer spending on the platform remains resilient, the company is still bracing itself for uncertain economic prospects. “It’s very hard to say where things will end,” Khosrowshahi said. “Europe is getting weaker and probably going into recession. In the US it is unclear, so from our point of view we want to be prepared for any eventuality.”

The CEO added that in a weaker work environment, Uber tends to see more people interested in part-time jobs transporting passengers or delivering meals. Khosrowshahi added that Uber is preparing for “an uncertain world” by taking a conservative stance on its investments.

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