Uber Posts Record Monthly Gross Bookings for March

By Dave Sebastian

Uber Technologies Inc. said its gross bookings for March rose to record high in its nearly 12-year history as vaccination rates increase in the U.S.

The ride-hailing company Monday said its mobility business had its best month since March 2020, crossing a $30 billion annualized gross bookings run-rate. Average daily gross bookings rose 9% month-over-month, the company said.

In its delivery business, the company said it crossed a $52 billion annualized gross bookings run-rate in March, growing more than 150% from a year ago.

Uber said demand for its ride-hailing services is recovering faster than driver availability, and that meal-delivery demand continues to exceed courier availability. The company said it is on track to reach profitability in quarterly adjusted earnings before interest, taxes, depreciation and amortization in 2021.

The U.K.'s top court in February ruled that a group of former drivers for Uber were entitled to a minimum wage and other benefits while working for the company, dealing a setback to Uber and other gig-economy firms in world-wide battles over their employment model.

Uber has started a historical-claims settlement process for U.K. drivers. The company said it expects to record the historical claims and other-related costs in its first-quarter results, reducing revenue.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

April 12, 2021 07:45 ET (11:45 GMT)

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