Those results led to $14.9 billion in revenue in the first six months of 2022, more than doubling year over year. Uber now has 122 million platform customers, its highest number ever, and reported record total gross bookings of $29 billion during the second quarter. Mobility will likely be Uber's largest business unit once again by the conclusion of 2022, reclaiming the title from delivery, which temporarily took charge on the back of COVID-19. Now that most pandemic restrictions are lifted, Uber's mobility segment is back to generating record numbers, with gross bookings soaring by 55% year over year in the recent second quarter of 2022 (ended June 30). Uber's operational diversity is a big part of its success, with mobility, delivery, and freight now forming three prongs of its business model. The worst part of the pandemic was a boom time for Uber's popular food delivery service, Uber Eats, which became one of the only ways consumers could still enjoy their favorite restaurants. The company had to adapt during the pandemic as society went into lockdown and most office-based employees worked from home, leaving far fewer people out hailing rides. Uber is best known for revolutionizing human mobility, and severely disrupting the taxi industry in the process. Beyond this news, here's why Uber's stock is a buy, and DoorDash stock might be worth avoiding. Doing so would drive their costs up.īut that's just part of the story. Department of Labor is proposing to reclassify contract workers as employees, which could force Uber and DoorDash to offer healthcare benefits, overtime pay, and other benefits.

Uber Technologies ( UBER 1.04%) and DoorDash ( DASH 5.94%) are two gig-economy companies currently facing the same issue: The U.S. Should investors use this downturn as a buying opportunity? But it's not the first time the market has grappled with such issues, and in the long term, they tend to be resolved. The current decline is a little different because it's being driven by a range of factors like high inflation, rising interest rates, and geopolitical tensions in Europe that have combined to dampen investor sentiment. If 2022 ended right now, the near 25% decline in the benchmark S&P 500 index would be its worst annual loss since 2008, when the Great Recession was in full force.

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