Uber reports $8.8 billion revenue for quarter ending in March

COLUMBIA, S.C. (CNN)—Uber is standing strong in 2023 amid the tech slump and lingering recession fears.

The ride-share company reported a revenue of $8.8 billion for the quarter ending in March.

That’s up 29% from the same period last year and the number of trips during the quarter grew 24% compared to the same period last year.

Uber has largely avoided having to undergo the significant layoffs that have dominated headlines in Silicon Valley in recent months.

The company also navigated the pandemic better than its chief rival, Lyft by diversifying its business with meal and grocery deliveries.

Lyft is scheduled to report its quarterly earnings on Thursday.