Uber and Disney are seeing the same remarkable dynamic in this economy. Both stocks are surging
Higher gasoline prices and mounting geopolitical tensions are doing little to slow the American consumer — at least judging by the latest results and commentary from and . The two companies pointed to a remarkably resilient spending backdrop, with consumers continuing to shell out for rides, food delivery, vacations and theme park trips even as oil prices climb and broader concerns about the economy linger. Shares of Uber jumped more than 8%, as Disney shares popped over 6%. “We watched consumer patterns really closely. Are people taking shorter trips? Are people trading down in terms of the size of their grocery basket, so to speak? With the kinds of restaurants that they‘re eating at, are consumers tipping as much as they were? All of those indicators continue to be really strong,” Uber CEO Dara Khosrowshahi said on CNBC’s “Squawk Box” Wednesday. “The consumers are spending, they‘re spending locally, and we don’t see any signs of that weakening at this point.” At Uber, delivery remained the companys fastest-growing business in the latest quarter, with revenue jumping 34% to $5.07 billion from $3.78 billion a year earlier. Revenue in the ride-hailing division rose 5% to $6.8 billion as commuting activity and local spending stayed strong. Khosrowshahi said