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Uber demand jumps as delivery grows, ride-hailing recovers

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Uber saw record demand in the first quarter as its food delivery business grew while lockdowns ended and more customers hailed rides

The San Francisco-based company said Wednesday that its bookings jumped 24% to $19.5 billion —— an all-time high —— in the January-March period. That was far ahead of the $18 billion Wall Street was anticipating, according to analysts polled by FactSet.

Uber said its delivery bookings rose 166% from the same period last year. Mobility —— or ride-hailing —— bookings were down 38%, but that was narrower than the year-over-year losses the company saw most of last year.

The company reported a net loss of $108 million for the period, or 6 cents per share. Analysts had forecast a 56-cent loss.

Uber’s shares rose about 1% in after-hours trading.

Uber has said that demand is increasing faster than its supply of drivers. Last month, the company said it planned to spend $250 million on sign-up bonuses and other incentives to lure drivers.

Its rival Lyft also showed signs of post-pandemic recovery in its first-quarter earnings report Tuesday, saying demand outstripped its expectations.

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