Stock Spotlight: Uber set for a smoother ride after bucking pandemic era headwinds

Shares up 28% year-to-date

Uber has turned the corner on its pandemic slump, with its shares riding high after what its chief executive described as its “strongest year”, but challenges may remain as economic conditions tighten.

From a weak 2021/22 period, which saw the company's shares sell off significantly, the stock has risen more than 28% so far in 2023, according to data from Morningstar. The rebound has come amid a wider recovery in technology stocks after a torrid 2022 for the sector. Fellow tech-darling stocks Meta and Tesla are each up by about 70% so far this year, as the Federal Reserve nears the peak of its rate hike cycle and as inflation rates begin to fall. However, various factors specific to Uber have driven the stock this year, according to Ali Moghrabi, senior equity analyst at Morningstar...