Number of Uber drivers hits record high of 5 million globally as cost of living soars — with 70% of new employees citing inflation as their primary reason for joining the company

• Uber now boasts a record-high five million global drivers, an increase of 31% from last year.
• The uptick comes after a pandemic-led driver shortage, paired with drivers quitting over low pay and poor conditions.

After a pandemic-led Uber driver shortage, the number of employees behind the wheel is on the rise.

The ride-sharing app now boasts a record-high five million global drivers, an increase of 31% from last year, Uber reported on Tuesday. The uptick comes despite record-breaking gas prices in recent months, but also as many Americans scramble for second jobs and alternative sources of income to contend with skyrocketing inflation.

According to Uber CEO Dara Khosrowshahi, the company has seen an influx of new employees in recent months, with many citing inflation as a primary driver to joining.

"We have a very strong flow of new drivers who are signing up, coming on to earn," Khosrowshahi told investors on Tuesday. "Over 70% of them have said that inflation and what they're seeing right now in terms of the cost of groceries, the cost of living, plays a part in that decision for them to come on to the platform."

Uber also outperformed Wall Street expectations, reporting quarterly revenue of $8.07 billion, up from analyst forecasts of $7.4 billion.

The growth marks a significant contrast from 2021, when the company struggled to retain drivers and regain momentum, as increased vaccination rates and relaxed social distancing policies prompted higher demand for public transportation and ride-sharing.

Adding to Uber's woes, the company saw droves of drivers quit in 2021, many citing low pay, poor working conditions, and health and safety concerns tied to the pandemic. In some areas, the driver shortage led to an average fare increase of more than 40%, as well as lengthy wait times for riders.

In the call with investors, Khosrowshahi attributed driver growth to an improved onboarding system, greater investments in the driver experience, and increased incentives for employees.

On Friday, the company debuted a new "Upfront Fares" feature intended to give more control and autonomy to drivers by allowing them to see routes and estimated earnings before selecting to take a ride. The company has also taken measures in recent months like increasing rates for riders in an effort to help offset high gas prices and better support drivers

"Right now, the machine is working, and we're a very, very competitive place to earn and it's showing in the driver retention numbers," Khosrowshahi said on the call.

The growth also comes as Uber navigates a slew of legal battles including facing a civil lawsuit from more than 500 women who claim they were sexually assaulted by drivers and reaching a $2 million settlement with the Department of Justice earlier this month for charging disabled drivers waiting fees.