Uber and Disney Earnings Signal Resilient Consumer Spending

CNBC reported Wednesday that consumer spending remains surprisingly robust, with both Uber Technologies and The Walt Disney Company delivering strong quarterly results. Shares of Uber climbed more than 8% on the day. Disney stock rose over 6%.

Consumers Keep Spending Despite Fuel Surge

The results land against a difficult backdrop. National average gasoline prices have reached $4.54 per gallon, a 52% increase since the current geopolitical conflict began. Diesel has climbed to $5.67 per gallon, up roughly 51% over the same period. Yet neither company is seeing a meaningful pullback in demand.

Uber CEO Dara Khosrowshahi told CNBC’s Squawk Box that his team monitors consumer patterns closely. He said they track trip length, restaurant choices and tipping behavior. All those indicators remain strong, he said. “The consumers are spending, they’re spending locally, and we don’t see any signs of that weakening at this point,” Khosrowshahi told CNBC.

He also noted that return-to-office trends are providing a meaningful lift to commuting demand across Uber’s platform.

Also Read: Fed Holds Rates Steady as Inflation Risks Linger

Uber Delivery Leads the Growth

Uber’s delivery segment was the standout performer in the quarter. Revenue in that division jumped 34% year over year to $5.07 billion. The ride-hailing unit grew more modestly, with revenue rising 5% to $6.8 billion. The company now counts more than 10 million drivers and delivery workers globally on its platform.

Disney Parks and Streaming Hold Firm

At Disney, the experiences division covering theme parks and cruises generated nearly $9.5 billion in quarterly revenue. That figure represents a 7% increase from a year earlier. Global park attendance rose 2%, even as domestic visitation dipped 1%.

Disney’s earnings materials described current domestic park demand as healthy. The company said it expects year-over-year domestic attendance to improve in the third quarter relative to the second.

Background: Consumer Resilience Has Surprised Wall Street

Heading into this earnings cycle, many analysts expected rising energy costs and broader macro uncertainty to weigh on discretionary spending. That thesis has not played out at these two companies so far. Consumer spending resilient behavior has appeared across travel, entertainment and local services.

Disney CFO Hugh Johnston acknowledged the company is not immune to macro pressures. He cautioned on the earnings call that a further sharp rise in fuel costs could eventually shift consumer behavior. He said the company has operational levers ready if conditions deteriorate.

For now, both companies are sending the same signal. The American consumer, at least in these segments, is still opening their wallet.

Read Next: What Rising Oil Prices Mean for Corporate Earnings This Season