Uber shares jump on ride, delivery growth
Uber trips during first quarter rose 24% on annual basis
Lyft incoming CEO David Risher discusses the changes he will make to turn the company's stock around on 'The Claman Countdown.'
Shares of Uber spiked Tuesday after the ride-sharing company reported an annual boost in customer bookings and deliveries.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UBER | UBER TECHNOLOGIES INC. | 65.67 | -0.38 | -0.58% |
Since Jan. 1, Uber’s stock value is up roughly 41% after gaining around 19% the last year.
Signage outside the Uber Technologies headquarters in San Francisco, California, U.S., on Tuesday, Feb. 8, 2022. Uber Technologies Inc. is scheduled to release earnings figures on February 9. (Photographer: David Paul Morris/Bloomberg via Getty Images / Getty Images)
Uber CEO Dara Khosrowshahi said during an earnings call that with first-quarter gross bookings for trips up 40% and delivery up 8% compared with the same period last year, the company is off to a strong start in 2023.
UBER DRIVERS ARE NOT INTERSTATE WORKERS EXEMPT FROM ARBITRATION, US COURT RULES
Meanwhile, trip growth and rider engagement reached a post-pandemic high, and both the U.S. and Canada are now outpacing growth in other markets, Khosrowshahi added.
Dara Khosrowshahi, chief executive officer of Uber Technologies Inc. (Getty Images / Getty Images)
Gross bookings ballooned 19% on an annual basis to $31.4 billion for the first quarter, while gross deliveries rose 8% over the same period to $15 billion.
CALIFORNIA COURT RULING ALLOWS UBER, LYFT TO CLASSIFY DRIVERS AS INDEPENDENT CONTRACTORS
Meanwhile, trips during the quarter grew 24% year over year, reaching 2.1 billion, or approximately 24 million trips per day on average.
Uber also suffered a net loss of $157 million, or 8 cents a share, over the first quarter, compared with a loss of $5.9 billion, or $3.04 a share, one year ago.