Feb 8, 2023 - Economy

Uber CEO: We see no signs of consumer weakness

Photo: Mario Tama/Getty Images

The state of the consumer is strong, according to Uber CEO Dara Khosrowshahi.

What they're saying: "We have looked and looked ... we're not seeing any signs of consumer weakness at this point," he told CNBC Wednesday morning following the company's latest earnings report which reflected its "strongest quarter ever."

Why it matters: Anxious economic sentiment is everywhere despite evidence to the contrary.

By the numbers: Trips on Uber's platform during the fourth quarter of 2022 grew 19% from the same period in 2021 to 2.1 billion — an all-time quarterly high, roughly 23 million trips per day on average.

  • Khosrowshahi also told analysts that Uber served its highest-ever average monthly mobility active platform consumers during the quarter, with over 100 million customers.

The big picture: Recession watch has become a global obsession as shades of "pandemic paranoia" restrain optimism.

  • "Everyone's anticipating a slowdown, but hadn't seen proof of a slowdown yet," Becky Frankiewicz, president and chief commercial officer of ManpowerGroup NA, previously told Axios.

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