Dara Khosrowshahi

The other area was that Expedia was probably more focused on building demand, kind of consumer demand, brand, etc. Booking was more supply-led.

The other area was that Expedia was probably more focused on building demand, kind of consumer demand, brand, etc. Booking was more supply-led.

Totally. But for them, it was about building up the hotel supply. And as you built up the hotel supply, every hotel became another piece of data that you could... market through Google or meta search. And if you have 100 hotels in a market and you expand that to 200 hotels in the market, that market is also going to convert better.

Totally. But for them, it was about building up the hotel supply. And as you built up the hotel supply, every hotel became another piece of data that you could... market through Google or meta search. And if you have 100 hotels in a market and you expand that to 200 hotels in the market, that market is also going to convert better.

So not only do you build kind of a new segment of demand, but then if there's a search for hotel in Nice, Nice becomes a better product and convert more. If it can convert more, you can get more traffic from Google, et cetera. They play that optimization game like no one else.

So not only do you build kind of a new segment of demand, but then if there's a search for hotel in Nice, Nice becomes a better product and convert more. If it can convert more, you can get more traffic from Google, et cetera. They play that optimization game like no one else.

And for me, the biggest lesson as I came to Uber was Uber's a marketplace business, very, very fragmented supply base, right? It's 5.6 million drivers and couriers who are earning on our platform. And a few million restaurants? Yeah, close to a million restaurants. And for us... Our growth is also supply-led.

And for me, the biggest lesson as I came to Uber was Uber's a marketplace business, very, very fragmented supply base, right? It's 5.6 million drivers and couriers who are earning on our platform. And a few million restaurants? Yeah, close to a million restaurants. And for us... Our growth is also supply-led.

So if you think about post-pandemic and one of the reasons why I think generally we're doing really well and gained a bunch of categories, share versus lift coming out of the pandemic, was because we really focused on bringing those drivers back to the platform, building our service, et cetera.

So if you think about post-pandemic and one of the reasons why I think generally we're doing really well and gained a bunch of categories, share versus lift coming out of the pandemic, was because we really focused on bringing those drivers back to the platform, building our service, et cetera.

And it was a supply-led way of building the business, which definitely was a learning that I took from Booking.com.

And it was a supply-led way of building the business, which definitely was a learning that I took from Booking.com.

Exactly. And especially in the U.S., there's a much more... crossover between couriers who deliver food and then drivers who drive people, there's a much larger crossover. And we can actually use Eats almost as a recruitment tool.

Exactly. And especially in the U.S., there's a much more... crossover between couriers who deliver food and then drivers who drive people, there's a much larger crossover. And we can actually use Eats almost as a recruitment tool.

In that moment when someone says, I am interested in earning money, gig money, on demand, et cetera, with all the flexibility, freedom, et cetera, the faster you can get that person earning money, the higher the conversion rate. And because of EATS, you don't need to get your car inspected. There's a lot of steps, additional steps, background check, et cetera, that's required for driving.

In that moment when someone says, I am interested in earning money, gig money, on demand, et cetera, with all the flexibility, freedom, et cetera, the faster you can get that person earning money, the higher the conversion rate. And because of EATS, you don't need to get your car inspected. There's a lot of steps, additional steps, background check, et cetera, that's required for driving.

Those steps don't necessarily need to be completed to deliver food. You can get people into the food ecosystem. They can start earning on the Uber platform. And then you can upsell them into additional opportunities, driving people, shopping, et cetera. It's a structural recruitment advantage we have in terms of building up supply.

Those steps don't necessarily need to be completed to deliver food. You can get people into the food ecosystem. They can start earning on the Uber platform. And then you can upsell them into additional opportunities, driving people, shopping, et cetera. It's a structural recruitment advantage we have in terms of building up supply.

And as you build up the supply, the liquidity in the marketplace gets better. Surge comes down. Pricing gets better. ETA gets better. Your ability to price gets better. And the demand shows up to some extent.

And as you build up the supply, the liquidity in the marketplace gets better. Surge comes down. Pricing gets better. ETA gets better. Your ability to price gets better. And the demand shows up to some extent.