Uber (UBER) Will Accept Crypto if Exchange Fees and Climate Issues Resolve

Dara Khosrowshahi, CEO of ride-sharing operator Uber Technologies, Inc. (NYSE: UBER), said the company will accept cryptocurrency in the future.

In an interview with Bloomberg TV on Friday, Khosrowshahi said that was “not the right point,” pointing out that current transaction costs on crypto exchanges are too high. He added that the negative environmental impact of the extraction process is also a factor.

“As the exchange mechanism becomes cheaper and becomes more environmentally friendly, I think you’ll see us leaning a little more into crypto,” he told the newspaper.

Uber (UBER) stock was trading down 4.46% at US$36.065 as of 11:50 a.m. ET. It is down after its forecast on Thursday fell short of expectations. On February 10, it fell more than 6%.

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The San Francisco, California-based company provides technology to match passengers with drivers, people with food delivery providers and restaurants, and shippers with carriers. Its current market cap is US$70.4 billion.

After its IPO in 2019, its business has seen many ups and downs. The stock fell sharply after the pandemic hit as people stayed home and transportation activity came to a halt.

But his food delivery business proved a lifesaver. After touching US$14.82 on March 18, 2020, the stock rebounded to US$60.35 in June 2021.

It released strong results for the fourth quarter and full year 2021 on Thursday.

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Quarterly results

Its gross bookings rose 51% year-on-year to $25.9 billion in the fourth quarter. Revenue increased 83% year-over-year to $5.8 billion, and net income attributable to the company was $892 million, or $0.44 per diluted share on the period.

During the quarter, rides increased 23% year-over-year to 1.77 billion (approximately 19 million daily rides).

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Despite rising earnings and revenue, the stock fell after the results, due to its earnings forecast falling short of expectations by 2024. But Andrew Macdonald, senior vice president of the mobility division, expressed his optimism, saying that there are many customers to exploit in the world. Marlet.

Uber recently announced the acquisition of Car Next Door, a peer-to-peer car-sharing platform.

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The cost of ride-sharing services has increased in recent months due to the low availability of drivers as demand increases. Many drivers had left Uber during the pandemic.

Teresa H. Sadler