An Uber car waits for a client in Manhattan
Spencer Platt/Getty Images
Uber stock was up more than 4% in premarket trading after the ride-share company raised its fiscal first-quarter 2022 outlook.
Uber said demand improved significantly through the month of February, with trips 90% recovered and gross bookings 95% recovered compared with February 2019. Trips represent ride bookings, while gross bookings represent the total dollar value generated by Uber’s ride-hailing, grocery and food delivery and freight-shipping businesses.
Additionally, the annualized run rate (ARR) gross bookings for delivery reached an all-time high in February. Delivery relates to the food delivery service segment of the company and the ARR uses the February figure to project total delivery bookings for the year. In this case 2022.
The company said last month that the Omicron variant began to affect its business in late December. CEO Dara Khosrowshahi also said more consumers were “active on the platform” than ever before in the quarter
“Whether for travel, commuting, or going out at night, we’re seeing healthy and growing demand across all use cases, highlighting just how eager consumers are to get moving again. In fact, airport Gross Bookings exiting February were up over 50% month-on-month, and we’re preparing for the upcoming travel season to be one of the strongest ever,” Khosrowshahi said in the filing.
Uber shares have fallen 46% in the last 12 months. Its stock was up 4.4% to $31.16 in premarket trading.
Write to Logan Moore at [email protected].
