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Uber raises first-quarter outlook on strong ridership rebound

 3 years ago
source link: https://www.cnbc.com/2022/03/07/uber-raises-first-quarter-outlook-on-strong-omicron-rebound.html
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Uber raises first-quarter outlook on strong ridership rebound

Published Mon, Mar 7 20228:35 AM ESTUpdated Mon, Mar 7 20224:00 PM EST
Key Points
  • Uber boosted its first-quarter 2022 financial outlook.
  • It cited a faster-than-expected rebound from coronavirus omicron headwinds.
  • The company said mobility demand has improved “significantly” through February.

In this article

Uber signage on a vehicle at Oakland International Airport in Oakland, California, U.S., on Tuesday, Feb. 8, 2022.
David Paul Morris | Bloomberg | Getty Images

Uber boosted its first-quarter 2022 financial outlook on Monday, citing a faster-than-expected rebound from coronavirus omicron headwinds.

The company’s stock jumped in early trading before closing down 4%.

The ride-hailing giant said in an SEC filing it now expects adjusted EBITDA between $130 million and $150 million. It had expected $100 million to $130 million. The company also estimates it will report “sequential improvement” in both mobility and delivery segment adjusted EBITDA, quarter over quarter.

The company said mobility demand has improved “significantly” through February, with trips back to 90% compared with its February 2019 figures. Gross bookings are 95% recovered, according to the filing.

“Our Mobility business is bouncing back from Omicron much faster than we expected,” CEO Dara Khosrowshahi said in the filing. “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.”

He added the company is preparing for its strongest travel season yet. Uber said airport gross bookings by the end of February were up over 50% month on month.

Uber’s upbeat guidance comes as health officials across the globe continue to ease coronavirus restrictions that hampered many from traveling or going out.

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