Uber (UBER) Gains Over 2% as Gross Bookings Hit the Highest Monthly Level Ever in March

April 12, 2021 7:51 AM EDT

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

Uber (NYSE: UBER) shares gained over 2% early Monday after the company announced that gross bookings in March reached the highest monthly level in the company’s history. The Mobility sector posted the best month in a year as average daily gross bookings soared 9% amid the reopening and a fast vaccine rollout across the United States.

Furthermore, the company’s Delivery business also posted a fresh record as it crossed a $52 billion annualized Gross Bookings run-rate in March after it grew more than 150% year-over-year.

“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 a filing with the U.S. Securities and Exchange Commission (SEC).

The faster-than-expected vaccination campaign in the US is facilitating high consumer demand for Mobility, the company said in a statement. The strong demand for Delivery has also continued.

This news comes just a few days after the company announced it will invest $250 million in a program to increase benefits for its drivers as it aims to attract new drivers to cope with a surge in demand.

“We continue to believe that Uber is on track to reach quarterly Adjusted EBITDA profitability in 2021,” the statement adds.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Hot Corp. News, Trader Talk