Uber Technologies Inc rose 13% on Tuesday after the company forecasted fourth-quarter operating profit above Wall Street expectations, betting on cost control and increased ride demand as customers resume spending more on travel.

Chief executive Dara Khosrowshahi said that as cities reopened and tourism boomed, consumers shifted their budgets to services where they had limited basic needs over the past two years.

Aided by airport travel, monthly active users on the Uber app rose 14%, surpassing September 2019 levels, while ride-sharing revenue rose 73% in the third quarter.

However, Uber is looking to scale back hiring and cut expenses to expand profitability as Khosrowshahi warned that a strong dollar could hurt its overseas revenue.

The company, which faced a shortage of US drivers as it recovers from pandemic losses, said active drivers will return to September 2019 levels as inflation pushes many people to look for additional sources of income.

The company forecasted fourth-quarter adjusted EBITDA, an earnings metric closely watched by investors, of between $600 million and $630 million. Analysts had expected $569.39 million, according to Refinitiv data.

Gross bookings, or the total dollar value of services, are expected to rise 23% to 27%, compared with a 26% increase in the quarter that ended September 30.

Revenue rose 72% to $8.34 billion, and adjusted profit of $516 million beat estimates. However, the quarterly loss was $1.2 billion due to Uber’s equity investment. Shares of peers Lyft Inc and DoorDash Inc, which have yet to report results, were also higher.