Uber says it saw its highest gross bookings on record in March

Uber says it saw its highest gross bookings on record in March
Emily Bary
·1 min read

Uber Technologies Inc. announced Monday morning that its mobility business saw its best month in a year during March, while overall gross bookings reached their highest monthly level in the company's history. Uber's mobility business exceeded a $30 billion annualized gross bookings run rate during March, making for the company's highest monthly total since March 2020. Average daily gross bookings were up 9% on a month-over-month basis within mobility, the company added. Uber's delivery business notched an all-time record for monthly performance by crossing a $52 billion annualized gross bookings run rate, up more than 150% from a year earlier. "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. The company also disclosed that a historical-claims settlement process with U.K. drivers, who will now be treated as workers, is expected to lead to a "significant accrual" that's likely to reduce reported first-quarter revenue and take rates. These effects will be excluded from Uber's adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda). Uber shares are up 2.3% in premarket trading Monday. The shares have gained 5.7% over the past three months as the S&P 500 has risen 8.6%.