Uber’s Latin America Revenue Swells By 33% in Q3

The company reported revenues of $518 million in Latin America for the quarter ended September

Uber's revenue in Latin America grew 32.8% to $518 million in Q3 2022 compared to the same period a year earlier.
November 01, 2022 | 10:41 AM

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Bloomberg Línea — Uber (UBER) released its results for the quarter that ended September 30 on Tuesday, with revenue hitting analysts’ expectations and pushing shares up almost 6% in early trading. In Latin America, revenue grew 32.8% to $518 million, compared to the same period a year earlier, when it was $390 million.

The ride-hailing app’s Latin America revenue is still well behind other regions where it operates, such as the United States and Canada ($5 billion), Europe, the Middle East and Africa ($1.8 billion), and Asia Pacific ($947 million).

Speaking to analysts on Tuesday morning, Uber CEO Dara Khosrowshahi said the company has been investing in incentives for drivers to stay on at the company as well as attracting new ones, but agreed that the macroeconomic backdrop already helps drivers join the app.

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“The macro environment seems to be helping, on average a driver in the United States earns $36 per hour worked,” he said, at a time when inflation has eroded purchasing power.

During the quarter, Uber expanded its ‘reserve’ feature, which allows users to schedule rides, in the region.

The company rolled out the service in Argentina, Brazil, Chile, Costa Rica, Panama, Dominican Republic, Paraguay, Puerto Rico, and Uruguay, and also expanded the Uber Taxi service to Mendoza, Argentina.