Emil Michael on earnings.
Uber has seen bookings re-accelerate one year after the height of the pandemic.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UBER | UBER TECHNOLOGIES, INC. | 59.40 | +1.71 | +2.96% |
The ride-hailing app and food delivery platform on Monday announced its March 2021 gross bookings reached their highest monthly level ever, according to a filing posted with the Securities and Exchange Commission, signaling a recovery from major revenue losses in 2020 due to the coronavirus.
Uber’s ride-hailing business saw a 9% increase last month compared with March 2020 bringing in $30 billion in annualized gross bookings run rate. The company’s food delivery platform, UberEats, doubled its annual run rate from last March bringing in $52 billion, a 150% increase year-over-year, an all-time record.
UBER ANNOUNCES $250 MILLION DRIVER STIMULUS AMID POST-COVID-19 DRIVER SHORTAGE
“As vaccination rates increase in the United States, we are observing that consumer demand for Mobility is recovering faster than driver availability, and consumer demand for Delivery continues to exceed courier availability,” Uber said in the 8-K filing.
CLICK HERE TO READ MORE ON FOX BUSINESS
Uber on April 7 said it was debuting a $250 million “stimulus” incentive for its drivers as a way to get more workers back in the driver’s seat. The company said its historical claims settlement process to U.K. drivers, who will be treated as workers, will lead to “a significant accrual” in its first-quarter 2021 results.
“The $250 million driver stimulus will go directly to drivers who start driving again as well as new drivers who join Uber,” company spokesperson Kayla Whaling said last week. “The money will take the form of special bonuses and new guarantees. It will be in place for the next several months.”
