Uber beats on revenue even as mobility and delivery units miss estimates

Uber reported stronger revenue than analysts expected, but its mobility and delivery businesses fell short of estimates. The results highlight a supply challenge in its core ride-hailing business: demand is outpacing driver availability in several markets, prompting investment to recruit drivers while limiting price rises and longer waits.

CEO Dara Khosrowshahi cited high fuel prices and tighter driver availability overseas. Uber plans to invest in driver supply in India, Brazil and the US, and says it has committed about $10 billion to autonomous-vehicle partnerships and investments. It expects around 700 automated vehicles on its platform by year-end and more than 2,000 by the end of 2027; its fourth-quarter bookings forecast has a midpoint of $64.5 billion.