Uber raises first-quarter profit outlook on strong ridership, delivery growth

[March 07, 2022]  (Reuters) - Uber Technologies Inc raised its first-quarter profitability guidance on Monday, saying its mobility business was improving faster than expected, while customers continued ordering food deliveries at record numbers in February.

The Uber Hub is seen in Redondo Beach, California, U.S., March 25, 2019. REUTERS/Lucy Nicholson/File Photo

Uber said in a filing it now expected adjusted earnings before interest, taxes, depreciation and amortization of $130 million to $150 million in the first three months of the year, up from $100 million to $130 million it previously projected.

"Our mobility business is bouncing back from Omicron much faster than we expected," Uber Chief Executive Dara Khosrowshahi said in a statement. He said consumers were eager to book rides for travel, commuting or nightlife.

Ride-hail trips in February remain only 10% below pre-pandemic 2019 levels in the same month, Uber said. February mobility gross bookings had recovered to 95% compared with February 2019.

On the delivery side, gross bookings reached an all-time high in February, the company said.

(Reporting by Tina Bellon in Austin, Texas; Editing by Krishna Chandra Eluri)
 

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