Uber Revenue Doubles, Sending Shares Surging

Uber Technologies Inc. doubled quarterly revenue, improved its financial performance and said high inflation was causing more people to drive for the platform to help offset rising household costs.

The ride-hailing company said Tuesday that revenue grew 105% to $8.07 billion for the three months through June. The company also posted adjusted earnings—a figure that excludes some expenses—of $364 million, its strongest ever. Both figures beat Wall Street expectations.