Dara Khosrowshahi

Yes. I mean, it, it is, we are a supply led business at this point. Uh, Probably two years ago, we could have added 25% more drivers and couriers into the platform. They would all be like super busy instantly. Right now, our supply generally is growing faster than demand because it's catching up to demand. And the average driver who's on the platform

Yes. I mean, it, it is, we are a supply led business at this point. Uh, Probably two years ago, we could have added 25% more drivers and couriers into the platform. They would all be like super busy instantly. Right now, our supply generally is growing faster than demand because it's catching up to demand. And the average driver who's on the platform

is working more because the experience is better, earnings levels are really good. So at this point, probably supply is still trailing demand by 5% or so, but the marketplace is now getting to a point where it's balanced. But it's that compounding that really starts working.

is working more because the experience is better, earnings levels are really good. So at this point, probably supply is still trailing demand by 5% or so, but the marketplace is now getting to a point where it's balanced. But it's that compounding that really starts working.

No, because one of our core philosophies is this is an open platform. And if your background check comes in okay, et cetera, then you can have access to earnings opportunities. That's a core belief for us. The economics take care of themselves, right?

No, because one of our core philosophies is this is an open platform. And if your background check comes in okay, et cetera, then you can have access to earnings opportunities. That's a core belief for us. The economics take care of themselves, right?

When you look at mid cycle, long cycle, if earnings come down on the platform, then it becomes a less attractive platform to drivers and they will do something else. There is this counter cyclicality about our marketplace, which is during really good times, it becomes harder for us to recruit drivers. So the cost of supply goes up.

When you look at mid cycle, long cycle, if earnings come down on the platform, then it becomes a less attractive platform to drivers and they will do something else. There is this counter cyclicality about our marketplace, which is during really good times, it becomes harder for us to recruit drivers. So the cost of supply goes up.

So while revenue and gross bookings are growing and unit volumes are strong, our supply base becomes more expensive. During softer economic times, you get more drivers coming into the platform. ETAs come down, prices come down, the price becomes cheaper, so actually our unit volumes accelerate. So if you look like our Q1 unit volumes, they grew 24% versus 19% in Q4.

So while revenue and gross bookings are growing and unit volumes are strong, our supply base becomes more expensive. During softer economic times, you get more drivers coming into the platform. ETAs come down, prices come down, the price becomes cheaper, so actually our unit volumes accelerate. So if you look like our Q1 unit volumes, they grew 24% versus 19% in Q4.

So we accelerated trip growth, which is not something that you see at our scale, but it's some of this stuff working out.

So we accelerated trip growth, which is not something that you see at our scale, but it's some of this stuff working out.

It's this very cool experiment.

It's this very cool experiment.

Yeah, if you ask our... top economist at Uber, he would say that we actually don't control the price to the consumer. That it's actually the spot price for this kind of labor the marketplace sets based on the supply of labor coming in and the demand for transportation. And so there's this, you know, people say like Uber's setting prices. He'd say, we're not setting prices.

Yeah, if you ask our... top economist at Uber, he would say that we actually don't control the price to the consumer. That it's actually the spot price for this kind of labor the marketplace sets based on the supply of labor coming in and the demand for transportation. And so there's this, you know, people say like Uber's setting prices. He'd say, we're not setting prices.

The marketplace is setting its own price.

The marketplace is setting its own price.

Well, I think we're in the scale business, right, which is we essentially wire up every form of transportation of whether it's people or things. And, you know, it's increasingly people and then shared taxis, et cetera. Right. There are four and a half million taxis in the world who would imagine that Uber will be working with taxis. But we're going to wire up every single taxi in the world. Right.

Well, I think we're in the scale business, right, which is we essentially wire up every form of transportation of whether it's people or things. And, you know, it's increasingly people and then shared taxis, et cetera. Right. There are four and a half million taxis in the world who would imagine that Uber will be working with taxis. But we're going to wire up every single taxi in the world. Right.