Uber Technologies, Inc. (NYSE: UBER) reported a decline in net profit for the fourth quarter of 2022 when the ride-hailing company’s revenues increased by double digits amid strong booking growth.
Net income for the December quarter was $595 million or $0.29 per share, compared to $892 million or $0.44 per share in the corresponding period of last year.
Meanwhile, there was a 49% increase in net revenues to $8.61 billion in the most recent quarter from $5.78 billion in the fourth quarter of 2021. At $30.7 billion, gross bookings were up 19% year-over-year.
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“Our global scale and unique platform advantages position us well to accelerate this momentum into 2023,” said Dara Khosrowshahi, chief executive officer of Uber.
