Uber shares rise after CEO says the corporate has simply had its “greatest week ever.”
Dara Khosrowshahi, CEO of Uber Technologies Inc., speaks during an interview in San Francisco on Tuesday, December 14, 2021.
David Paul Morris | Bloomberg | Getty Images
Uber’s shares rose Tuesday after CEO Dara Khosrowshahi said the rideshare company was having its “best week ever in terms of total gross bookings.”
Gross bookings usually refer to the company’s combined bookings for both the ridesharing and delivery businesses, but Khosrowshahi also said the ridesharing is recovering well.
“Our mobility business as a whole continues to approach pre-pandemic levels,” said Khosrowshahi. “We’re starting to move, to call it the 90% mark, we’re not quite there yet. Last week was our best week, you know, after the pandemic.”
The stock rose more than 4% after Khosrowshahi spoke in a digital fireside chat hosted by UBS. The comments also sent shares of competitor Lyft up nearly 2% as investors jumped on the signal that demand for ridesharing is rising.
Ridesharing companies and other travel stocks had been hit hard by the pandemic as demand plummeted. But when vaccines and restrictions were relaxed, consumers began to travel again. In its latest earnings report, Uber reported 1.64 billion trips on the platform for the quarter, up 9% quarter over quarter and 39% year over year.
Khosrowshahi’s comments are also coming as the Omicron coronavirus variant continues to spread around the world, with officials warning of a possible winter surge in cases.