Uber Raises Quarterly Guidance on Delivery Growth, Ridership Recovery

The company has pointed to this metric to signal that its operations are moving toward future profitability.

The increase in guidance is driven by improvement in the company’s ride-hailing and delivery businesses, compared with the last quarter of 2021, when a rise in Covid-19 cases disrupted operations, Uber said.

“Our Mobility business is bouncing back from Omicron much faster than we expected,” Chief Executive Dara Khosrowshahi said.

Gross bookings for airports were up 50% at the end of February, compared with a month earlier, Mr. Khosrowshahi said. He added that the company expects the coming travel season to be one of the strongest ever.

“We’re seeing healthy and growing demand across all use cases, highlighting just how eager consumers are to get moving again,” he said.

Shuttling people to and from airports is a major source of business for Uber. In 2021, 11% of its gross bookings involved airport trips. That compares with 15% in 2019, according to securities filings.

Uber also said demand in its ride-hailing segment rose throughout February, with trips and gross bookings reaching 90% and 95%, respectively, of 2019 levels.

In the fourth quarter, the company posted an adjusted Ebidta of $86 million, beating analysts’ expectations. It also posted an 83% revenue increase to $5.78 billion during the holiday quarter. It was the second time the company had posted a profit on the metric since its inception.

Shares of Uber fell 4.2% on Monday, closing at $28.57, amid a broader market selloff fueled by rising oil prices. Uber shares are down roughly 49% over the past 12 months.

Write to Will Feuer at [email protected]