What's going on?

Uber put the pedal to the metal last quarter, according to Wednesday�s results.

What does this mean?

High inflation helping Uber wasn�t a scenario that anyone expected � but peek a little closer, and Uber�s success actually makes sense. For one, the cost of car ownership has climbed so high that some folk have to use a cab just to get from A to B these days. And for another, the flagging economy has drivers flocking to the platform to earn some extra money behind the wheel. In fact, Uber had a record number of drivers on the roads last quarter, and their chauffeuring � plus Uber�s other mobility services, like scooters and rickshaws � racked up a record two billion plus trips, just under a million an hour. The company�s food delivery business Uber Eats ticked along nicely too, helping lift overall revenue by a better-than-expected 49% � a number that would�ve been even higher if the strong US dollar hadn�t eaten into it.

Why should I care?

The bigger picture: Eat up.
Uber�s promising forecasts and determination to turn a profit this year had investors feeling starry-eyed about the future as well as the past. But with all the hubbub about the company, make sure you don�t overlook Uber Eats. It might have been the ride-hailing business that stole the headlines, but food delivery kept the business afloat during the pandemic, and the segment still brings in almost half the firm�s overall revenue. Plus, with newer services like alcohol and grocery delivery tipped to catch on, it could drive growth down the line.

Zooming out: Slowcoach.
Stats like that suggest Uber�s not losing its edge to rivals like Lyft, and that stands to reason: Uber�s got more drivers on the road, which means it has a greater likelihood of bagging customers and, ultimately, a more efficient ride-hailing system. At any rate, analysts are clearly backing one horse: the proportion of buy ratings for Uber�s stock is double that of Lyft�s.