Uber reported a revenue of $8.6 billion in Q4 2022, a 49% increase YoY, its strongest quarter ever

In its latest financial report, Uber has shown that it is bucking the trend of tech companies facing economic difficulties and is thriving, posting its "strongest quarter ever".

The company saw a 49% increase in revenue, reaching $8.6 billion in the last quarter of 2022 and a 19% year-over-year jump in gross bookings, totalling $30.7 billion. The number of monthly active customers rose 11% to 131 million, and Uber recorded a record-breaking two billion trips in a quarter.

These strong financial results exceeded expectations set by Wall Street analysts, causing Uber's stock to rise by 5.5% in trading. Despite a tough economic climate and pandemic-induced challenges, the company has remained resilient, making strategic cost-cutting measures and focusing on profitability.

The company's strong performance sets it apart from other tech companies that have had to reduce costs and make layoffs. Uber's business, which relies on offering rides, was impacted when lockdowns began but has rebounded with the reopening of the world and a return to normal life. Last month, about 150 employees were laid off from Uber Freight, a booking service for long-haul truck shipments.

The company's focus on profitability has paid off, as seen in the $595 million profit reported, largely due to its stakes in other ride-hailing companies. Uber expects to reach operating income profitability at some point this year, a significant sign of the company's growing strength.