Shares of Uber spiked Tuesday after the ride-sharing company reported an annual boost in customer bookings and deliveries.
Since Jan. 1, Uber’s stock value is up roughly 41% after gaining around 19% the last year.
Uber CEO Dara Khosrowshahi said during an earnings call that with first-quarter gross bookings for trips up 40% and delivery up 8% compared with the same period last year, the company is off to a strong start in 2023.
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Meanwhile, trip growth and rider engagement reached a post-pandemic high, and both the U.S. and Canada are now outpacing growth in other markets, Khosrowshahi added.
Gross bookings ballooned 19% on an annual basis to $31.4 billion for the first quarter, while gross deliveries rose 8% over the same period to $15 billion.
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Meanwhile, trips during the quarter grew 24% year over year, reaching 2.1 billion, or approximately 24 million trips per day on average.
Uber also suffered a net loss of $157 million, or 8 cents a share, over the first quarter, compared with a loss of $5.9 billion, or $3.04 a share, one year ago.