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 Uber Technologies
and The Walt Disney Company
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 surged nearly 10% in premarket trading, while Disney shares popped 5%.
“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.”
