Uber Technologies Inc. on Monday raised its baseline earnings forecast for the first quarter ride happily business recovered faster than expected due to an increase in airport travel and an increase in the number of offices being rebuilt.
The company also said that in February, customers continued to order food at a high rate.
Shares of Ride Hailing fell about 0.85 percent at the start of trading on Monday.
Uber said it now expects adjusted earnings before interest, taxes, depreciation and amortization of $ 130 million to $ 150 million in the first three months of the year, up from $ 100 million to $ 130 million previously forecast.
“Our mobile business is being taken away from Omicron much faster than we expected,” said Uber CEO Dara Khosravshahi said. He said consumers are willing to book trips for travel, trips or nightlife.
Khosrowshahi said gross bookings at airports, which are some of the most lucrative routes for Uber, rose more than 50 percent in February from last month and will be one of the strongest trips next season.
Several companies are also returning employees to offices more than two years after the pandemic forced many to move from work to home.
During the peak of the pandemic, Uber’s shipping business flourished as consumers became more dependent on ordering food and food online.
Travel in February remains just 10 percent below the level before the 2019 pandemic that month, Uber said. Compared to February 2019, gross mobility bookings in February resumed up to 95 percent.
As for delivery, in February the volume of bookings reached a record high, the company said.