Uber Technologies Inc. (NASDAQ: UBER) Unveils New Features That Will Help Enhance Driver’s Experience

On Friday, Uber Technologies Inc. (NASDAQ: UBER) unveiled a slew of new features geared at improving the ridesharing application’s driver experiences as drivers continue to struggle with high fuel costs and inflation rates.

Uber drivers to know the amount they will receive for a trip beforehand 

Before accepting a job, drivers all around the country will be able to know precisely the amount they’ll make and where they are going. Additionally, they will be able to view many trip requests simultaneously by using a brand-new feature dubbed Trip Radar. According to Uber, these modifications will also help riders wait less time.

Additionally, the business unveiled the Uber Pro card and checking account, which gives drivers around 7% money back at specific petrol stations. The earnings of the drivers will be put right into the account.

It’s Uber’s most recent effort to assist drivers. To help compensate for the rise in gas prices, the firm increased fares and delivery costs in March. The new alternatives might aid the business in retaining current drivers and luring in new ones.

The business’s driver network had reportedly hit a post-pandemic record, and according to Uber CEO Dara Khosrowshahi, the firm anticipates that driver growth will persist without major incremental incentives investments.

Khosrowshahi stated at the time, “Our need to increase the number of drivers on the platform is nothing new nor is it a surprise … there’s a lot of work ahead of us, but this is a machine that is rolling.”

Uber announces Q2 2022 results 

The company reported its Q2 2022 results in which revenue topped estimates and posted a free cash flow of £382 million. Revenue was $8.07 billion compared to analysts’ estimates of $7.39 billion. Net loss during the quarter was $2.6 billion, with $1.7 billion attributed to investment and stakes revaluation in Grab, aurora, and Zomato.  

Khosrowshahi stated that the company continues to benefit from the growing on-demand and consumer spending changes. Uber’s Eats delivery service had significant growth during the epidemic, but as passengers started taking more rides, its mobility sector’s revenue eclipsed Eats in the first quarter.

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