Riding with Uber: CEO on the Future Consumer 11/01/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 1 November 2022

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

Uber CEO Dara Khosrowshahi says that U.S. consumers are healthy and choosing to spend on services, like ride-sharing. The company reported third quarter financials today - and suffered a loss, but beat analysts’ expectations on revenue. Khosrowshahi is also confident on the business for the rest of the year due to booming travel, easing COVID restrictions and shifts in consumer spending. And, the Biden Administration is floating windfall profit taxes on the oil and gas industry due to record-high energy prices. Plus, the dogecoin gets another day. In this episode: Dara Khosrowshahi, @dkhos Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Becky Quick @BeckyQuick Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:04.0	Hi, I'm C NBC producer Katie Kramer today on Squawk Pod.
0:09.0	Uber CEO Derek Kasser Shahi says the Ride Share Service is bouncing back.
0:14.0	If the world we're just an Uber world, we'd be celebrating because the business is incredibly strong,
0:19.0	and the outlook for Uber itself is strong.
0:21.0	He's giving strong guidance on the journey ahead.
0:24.2	The consumer, and especially the US consumer,
0:26.5	remains strong and they're spending
0:28.9	and they're moving a bunch of their spending
0:31.1	from essentially retail to services. we are in the service sector.
0:36.4	And the White House threatening a new windfall profits tax on oil and gas companies.
0:40.9	Give me a break.
0:41.9	Enough is enough.
0:43.0	As that industry sees record profits.
0:46.0	Yes, capitalism on the whole works.
0:48.6	I'm not going to be devices today.
0:50.2	Have you ever heard of when you tax something more that you get more of it?
0:53.6	Plus the 20-20s versus the 1970s for market performance
0:59.5	superlatives and others.
1:01.3	1976, anyone remember the big red machine where we ever see a lineup like that again?
1:06.4	No, we haven't since and we never will.
1:09.4	It's Tuesday November 1st, Squawk Pod begins right now.
	...

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