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Speaker 1: Joining us now Bloomberg's Emily Chang and Uber CEO Dara

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Speaker 1: Kosha Shahi for more on the strong numbers.

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Speaker 2: M Ed thank you, Dara, thank you as always for

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Speaker 2: joining us. Look, it was a beat across the board,

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Speaker 2: but the stock is down this morning. You know now

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Speaker 2: that times are good. We saw trip growth really accelerated.

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Speaker 2: Will that keep up?

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Speaker 3: And how well? Our trip growth was super strong? Right?

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Speaker 4: We grew trips twenty four percent on a year on

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Speaker 4: your basis on a base of two point six billion trips,

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Speaker 4: so you know, as you get larger, it gets tougher

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Speaker 4: to have that kind of growth. But if you look

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Speaker 4: at our GROST bookings guidance going forward, it's between eighteen.

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Speaker 3: And twenty three percent.

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Speaker 4: So we do expect to continue to grow at very

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Speaker 4: very strong rates while at the same time continuing to

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Speaker 4: increase profitability and margins, which is the best of both worlds,

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Speaker 4: which is what investors expect of us, and frankly it's

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Speaker 4: what we know Uber can deliver well.

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Speaker 2: Shares just turn positive, So investors are what you're saying,

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Speaker 2: Let's talk about the other half of the business, and

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Speaker 2: that is delivery. You had to raise some fees in

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Speaker 2: some markets, you added multi store ordering. What more can

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Speaker 2: you do in delivery to keep this up?

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Speaker 4: Well, there's a ton going on in delivery. There's obviously

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Speaker 4: the core online food delivery business. Overall delivery grew seventeen

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Speaker 4: percent on a year on your basis, and it's actually

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Speaker 4: accelerating emily right. So it's accelerating versus Q two versus

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Speaker 4: Q three, and it is about getting the basics right.

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Speaker 4: The first thing is customers want choice. We now have

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Speaker 4: almost a million restaurants on our site on a global basis,

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Speaker 4: up about ten percent.

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Speaker 3: But they also want reliability.

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Speaker 4: So when we measure the number of orders that we

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Speaker 4: get wrong, the number of warders we get wrong are

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Speaker 4: down twenty five percent on a year on your basis,

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Speaker 4: So the business is reliable. You get what you expect

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Speaker 4: as well. And what that's resulting in is our audience

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Speaker 4: is growing. Frequency is growing as well, and then as

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Speaker 4: eaters order more and more in a basket, actually basket

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Speaker 4: size is growing. So the growth that we see in

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Speaker 4: eats is very, very broad. We're adding to it grocery,

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Speaker 4: which is a segment that we're very excited about. You know,

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Speaker 4: the grocery business is actually bigger than the online food

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Speaker 4: business than the food business in terms of total size.

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Speaker 4: Our grocery business is still pretty young. It's about seven

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Speaker 4: billion dollars now run rate growing over forty percent, and

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Speaker 4: we're very excited to introduce the grocery experience to all

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Speaker 4: of our eaters out there.

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Speaker 2: Caroline just pointed out your stock just hit a new

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Speaker 2: record high. I got to talk about the Super Bowl commercials.

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Speaker 2: I'm obsessed. You've got Ross and Rachel, You've got the Beckhams.

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Speaker 2: These big stars cost money though, and you had a

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Speaker 2: lot of celebrities last year too, So is this marketing

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Speaker 2: spend paying off? And are you sure? Because next year

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Speaker 2: I'm expecting Taylor Swift.

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Speaker 3: Well, you see it by the results.

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Speaker 4: You know, these big stars they cost a lot, but

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Speaker 4: they deliver a lot, right, And who's better than the

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Speaker 4: Beckhams and Jennifer Aniston as well.

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Speaker 3: You know.

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Speaker 4: The amazing thing about these stars is you know they're

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Speaker 4: not afraid of making a little fun of themselves and having.

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Speaker 3: A sense of humor.

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Speaker 4: But they also use their own social platforms to amplify

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Speaker 4: the message out there. So it's not just about the commercial,

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Speaker 4: it's about people talking about the commercials. It's about the

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Speaker 4: stars using their Instagram accounts to amplify the platform, et cetera.

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Speaker 4: That's why it's working out for us, and we think

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Speaker 4: it's worth the investment.

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Speaker 5: And then more and Dara, many times, these are global

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Speaker 5: celebrities you and a global company, even if the super

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Speaker 5: Bowl is a little bit more US focused. How much

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Speaker 5: you see in growth, particularly Latin America Asia stand out.

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Speaker 5: Are there any areas that you're worried about?

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Speaker 4: Well right now, Fortunately, we're seeing growth across the globe

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Speaker 4: for US in mobility, Latin America and Asia Pacific have

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Speaker 4: really been standouts. The Latin business is growing, the base

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Speaker 4: business is growing. But now a lat of time, what

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Speaker 4: you're seeing is more two wheelers. Actually, it's a product

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Speaker 4: we call Ubermoto. It's lower costs and much more affordable,

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Speaker 4: and so if you want a low cost ride in

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Speaker 4: Brazil or Mexico, we're seeing more and more users take

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Speaker 4: two wheelers. And in Asia, we're very, very excited about

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Speaker 4: the India market. The Indian market has been one that

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Speaker 4: has always held a lot of promise, but we're seeing

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Speaker 4: that promise come to fruition now there it's not just

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Speaker 4: four wheelers, but it's three wheelers. And the growth rates

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Speaker 4: that we're seeing in India are substantial and we think

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Speaker 4: that you know that business can continue to grow over

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Speaker 4: the next.

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Speaker 3: Five to ten years.

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Speaker 4: So there's a lot of growth and excitement ahead in

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Speaker 4: many of the markets out there.

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Speaker 6: A global conversation without glow TV and radio audience. We

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Speaker 6: are of course speaking with Uber CEO Dara Kosashahi and

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Speaker 6: Dara I hate to be the Debbie downer that focuses

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Speaker 6: on the one area of perhaps lack lust and performance,

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Speaker 6: but freight tell us a little bit about it is

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Speaker 6: in line with where the market wanted to see it,

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Speaker 6: but it is still a bit of a drag.

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Speaker 5: When'd you see the turnaround?

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Speaker 4: Well, the freight business is a cyclical business, and what

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Speaker 4: we are seeing is at least a stabilization of the

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Speaker 4: overall freight industry. There was too much supply out there,

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Speaker 4: demand wasn't growing. We're seeing a stabilization and rates. We're

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Speaker 4: seeing spot rates improve as well, So I think that's

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Speaker 4: an early signal that the freight marketplace is going to improve.

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Speaker 4: And what's really cool about Uber Freight is that we

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Speaker 4: are using our marketplace technology, matching pricing, etc. And bringing

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Speaker 4: it to the freight industry. So we're very confident that

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Speaker 4: a turn is coming. We don't know what when, but

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Speaker 4: we're definitely seeing signal of that turn, and we can

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Speaker 4: bring our technology prowess and the survey levels that other

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Speaker 4: players who are just offline really we believe can't match.

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Speaker 4: So we're quite optimistic about freight, but it's a little

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Speaker 4: bit of a waiting game to see that cycle turn,

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Speaker 4: and we're hoping to see that cycle turn this year.

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Speaker 3: Dara, good morning.

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Speaker 1: I think we kind of learned a lot about Uber

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Speaker 1: the technology company in the court have just gone new

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Speaker 1: products and just more diverse offering on mobility, but there

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Speaker 1: are lots of questions about, well, what is the new

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Speaker 1: product pipeline going forward? You know, how can you keep

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Speaker 1: adding functionality to the platform that is new, opens new

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Speaker 1: addressable markets. Car rental is interesting, right because that's an

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Speaker 1: industry erefinitely there's suffering some pain.

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Speaker 4: Yeah, well, I think it's car rentals is one area

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Speaker 4: that we're pretty excited about.

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Speaker 3: And what we try to do with Uber is we don't.

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Speaker 4: Want to just build the same thing that others have built,

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Speaker 4: but let's say a little bit better. We really try

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Speaker 4: to reinvent how you think about it particular product. So

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Speaker 4: one product that we're pretty excited about with car rentals

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Speaker 4: is actually what we call Uber Valet. And with this product,

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Speaker 4: you know, you push a button, you get to pick

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Speaker 4: your car, but then an Uber driver will come and

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Speaker 4: drop off that car for you in front of your

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Speaker 4: house or wherever you want that car dropped off. So

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Speaker 4: we want to bring that little Uber delight in whatever

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Speaker 4: experiences that we build so that we're heads and shoulders

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Speaker 4: above our competition so to speak. Now we do it

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Speaker 4: in partnership with car rental companies, so it's good business

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Speaker 4: for them, but it's the magic of Uber that we

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Speaker 4: want to introduce in every single innovation out there. And

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Speaker 4: we think there's plenty of innovation ahead for us.

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Speaker 1: Yeah, I'm somebody that takes right share. There are other

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Speaker 1: righte share platforms available to work every morning. But there

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Speaker 1: seems to be some evidence that that corporate ridership is

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Speaker 1: coming back. Where do you see that most.

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Speaker 4: Yeah, corporate has actually been a great signal for us

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Speaker 4: early this year last year. If you look that corporate

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Speaker 4: and we have a very significant corporate presence and what

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Speaker 4: we call Uber for business and it allows companies instead

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Speaker 4: of you know, black cars, et cetera.

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Speaker 3: They can use Uber.

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Speaker 4: It's connected into the corporate expense systems, et cetera. There's

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Speaker 4: an area safety, which is you know exactly where your

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Speaker 4: employees are. So it's been a very very popular offering

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Speaker 4: for US. And last year, you know, as corporates were

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Speaker 4: more careful in terms of their spending travel, et cetera,

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Speaker 4: the spending with who you for B was muted.

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Speaker 3: We are now seeing.

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Speaker 4: Especially in Q four and so far in the first quarter,

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Speaker 4: companies are starting to lean in again. They're starting to invest,

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Speaker 4: they're getting their employees out to go out to meet

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Speaker 4: customers face to face, and that absolutely is helping our

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Speaker 4: U for B business that's starting to accelerate.

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Speaker 3: It's high margin business. Usually with you for B, you know, you.

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Speaker 4: Take a comfort car or black car, so it's high

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Speaker 4: margin businesses as well. And we're very very happy with

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Speaker 4: a signal that we're seeing, and that signal is pretty broad.

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Speaker 4: It's not just the US phenomenon. We're seeing companies around

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Speaker 4: the globe starting to invest again, which we think is

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Speaker 4: a great sign.

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Speaker 2: I want to talk about EVS because there's you know,

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Speaker 2: reports consumer demand is following. You're seeing big automakers. Pulling

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Speaker 2: back your own rental partner hurts also putting back, pulling back.

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Speaker 2: How much is this hurting your partnership. You're push to

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Speaker 2: zero emissions and everything you're doing to try to incentivize

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Speaker 2: drivers to switch over.

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Speaker 4: Well, Emily, we're continuing to push on the EV space.

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Speaker 4: No one said this was going to be easy. And listen,

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Speaker 4: with every technology, there's this initial excitement and everyone gets

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Speaker 4: on board, and maybe maybe people overestimate the potential of

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Speaker 4: a business or how it is going to be. You know,

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Speaker 4: we've been around at Uber for a while and we

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Speaker 4: actually love solving tough problems, so we continue to lean

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Speaker 4: in with evs. We now have over one hundred and

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Speaker 4: twenty thousand driver driving evs all over the world. Over

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Speaker 4: the past years, we completed more than three hundred million

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Speaker 4: trips in terms of evs, So we continue to lean in.

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Speaker 4: I think a real concern is with charging infrastructure and

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Speaker 4: making sure that that charging infrastructure is available and ready,

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Speaker 4: especially where our drivers need. It may not be in

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Speaker 4: the center of the city, but it may be in

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Speaker 4: the towns that they live, et cetera. So if the

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Speaker 4: charging infrastructure comes comes in, we think we have the

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Speaker 4: partnerships in place. We're putting real money nine hundred million

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Speaker 4: dollars behind our push to evs, including subsidizing rides so

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Speaker 4: drivers actually make more on an EV trip. So we're

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Speaker 4: determined and we think we're going to keep pushing the

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Speaker 4: momentum in this space.

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Speaker 2: You're shutting down Drizzily, You're laying off one hundred and

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Speaker 2: fifty people. What happened there? Did alcohol sales just decline

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Speaker 2: post pandemic? Don't you know there's a super Bowl coming.

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Speaker 4: Up, so it's you know, listen. It was a tough

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Speaker 4: decision there. And what we have observed is that the

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Speaker 4: Uber Eats platform. We talk about the power of the platform,

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Speaker 4: which is, you know, you d on Uber, you eat

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Speaker 4: on Uber, you get grow sries on Uber, you order

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Speaker 4: your alcohol on Uber eats. The power of that platform

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Speaker 4: is really significant. And you know, things have changed where

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Speaker 4: companies have to be more disciplined in their investments. And

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Speaker 4: when we look at a marketing investment, should we put

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Speaker 4: the next marketing dollar behind Uber eats ie a super

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Speaker 4: Bowl commercial?

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Speaker 3: Or should we put that.

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Speaker 4: Next marketing dollar to introduce the Drizzly brand to consumers?

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Speaker 4: It didn't make sense to keep investing in Drizzly. So

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Speaker 4: we've taken a lot of what we've learned from Drizzly,

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Speaker 4: many of the merchant relationships, et cetera. But essentially that

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Speaker 4: business is shutting down in terms of that organic Drizzly business,

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Speaker 4: and we are building on alcohol within eats. We think

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Speaker 4: that's the next best investment going forward for us.

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Speaker 3: As a company.

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Speaker 6: Cost discipline uber CEO Darakoso Shahi, I joyed to have

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Speaker 6: you on the show. Thank you, and of course are

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Speaker 6: thanks to you.

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Speaker 2: Emily cham