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Uber raises first-quarter profit outlook on strong ridership, delivery growth

Uber raises first-quarter profit outlook on strong ridership, delivery growth

The Uber Hub is seen in Redondo Beach, California, US, Mar 25, 2019. (File photo: Reuters/Lucy Nicholson)

Uber Technologies raised its first-quarter profitability guidance on Monday (Mar 7), saying its mobility business was improving faster than expected, while customers continued ordering food deliveries at record numbers in February.

Uber said in a filing it now expected adjusted earnings before interest, taxes, depreciation and amortisation of US$130 million to US$150 million in the first three months of the year, up from US$100 million to US$130 million it previously projected.

"Our mobility business is bouncing back from Omicron much faster than we expected," Uber Chief Executive Dara Khosrowshahi said in a statement. He said consumers were eager to book rides for travel, commuting or nightlife.

Ride-hail trips in February remain only 10 per cent below pre-pandemic 2019 levels in the same month, Uber said. February mobility gross bookings had recovered to 95 per cent compared with February 2019.

On the delivery side, gross bookings reached an all-time high in February, the company said.

Source: Reuters/ng

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