Uber Technologies Inc. said it is recovering ride demand faster than driver availability as vaccination coverage against Covid-19 increases in the US.
The company said on Monday that its gross bookings for March have risen to the highest monthly level in its nearly 12-year history. Uber’s mobility business, which includes rides, had its best month since March 2020, the company said.
Uber overhauled its business during the health crisis, cutting about a quarter of its workforce and divesting non-core businesses, saving $ 1 billion in fixed costs last year.
The company said demand also continued to outpace the availability of couriers for its meal delivery business. The delivery business, coupled with cost savings, helped cushion the impact of the pandemic on Uber’s core business during the pandemic, and the company posted a smaller loss for the full year in February.
Uber said it is on track to be profitable this year in adjusted quarterly earnings before interest, taxes, depreciation and amortization. Earlier this month, the company said it was spending $ 250 million in bonuses to increase driver availability at short notice.