Uber Technologies Inc. shares UBER, -5.96% soared 3.9% in premarket trade Monday, after the ride-sharing company raised guidance for the first quarter. The company is now expecting adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, to range from $130 million to $150 million, up from previous guidance of $100 million to $130 million. The company said mobility demand “improved significantly” through February, with trips 90% recovered from where they were in February of 2019. “Our Mobility business is bouncing back from Omicron much faster than we expected,” Chief Executive Dara Khosrowshahi said in a statement. “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.” Uber shares have fallen 46% in the last 12 months, while the S&P 500 SPX, -0.79% ha gained 12.7%.
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