Uber’s mobility business, which includes vehicle transportation, had its best month since March 2020.
Photo:
Al Seib / Los Angeles Times / Getty Images
Uber Technologies Inc.
UBER 3.81%
said it sees travel demand recover faster than driver availability as Covid-19 vaccination rates rise in the US
The company said Monday that its gross reserves for March rose to its highest monthly level in its nearly twelve-year history. Uber’s mobility business, which includes vehicle transportation, had its best month since March 2020, he said.
Uber overhauled its business during the health crisis, cutting about a quarter of its staff and launching non-core businesses, among other moves, which led it to save $ 1 billion in fixed expenses last year.
The company said demand also continued to exceed courier availability for its food delivery business. The delivery business, combined with cost reductions, helped cushion the pandemic’s success in Uber’s core operations during the pandemic, and the company recorded a narrower year-round loss in February.
Uber said this year is on track to achieve quarterly adjusted earnings profit before interest, taxes, depreciation and amortization. The company earlier this month said it was spending $ 250 million in bonuses in an effort to increase short-term driver availability.
However, the company said it expects to be successful during the first quarter in recording historic claims related to a liquidation process for UK drivers. The first UK court in February ruled that a group of former Uber drivers were entitled to a minimum wage and other benefits while working for the company, which was a setback for Uber and other Uber companies. great economy in world battles for its model of occupation. . Since mid-March, the company has classified private rental drivers using its platform in the UK as workers.
President Biden announced last week that he was increasing the deadline from May 1 to April 19 for states to make all U.S. adults vacant against Covid-19. Photo: Kevin Lamarque / Reuters (video from 04/06/21)
Write to Dave Sebastian at [email protected]
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