by The Chicago Times Business Staff
December 15, 2021
SAN FRANCISCO — Uber’s stock increased 5% Tuesday despite rising fears about the spread of the coronavirus’ omicron strain. CEO Dara Khosrowshahi, stated on Tuesday that the Uber had its “biggest week ever” in terms of overall gross bookings.
In Uber speak, the overall income from Uber’s ride-sharing and delivery companies is referred to as gross booking. Uber’s delivery business has increased three-and-a-half times since the company’s IPO in 2019, according to Khosrowshahi.
“Our entire mobility business continues to move closer to pre-pandemic levels. We’re getting close to calling it the 90% mark, but we’re not quite there yet. Last week was our finest week since the epidemic, to be sure.” Khosrowshahi said.
Uber stated that gross bookings reached an all-time high of $23.1 billion in the third quarter of 2021, up 57 percent year over year. Mobility gross bookings revenue increased by 67 percent year over year to $9.9 billion, while delivery gross bookings revenue increased by 50 percent to $12.8 billion. The number of journeys taken during the quarter increased by 39% year over year to 1.64 billion, or roughly 18 million per day on average.
Uber expects gross bookings revenue of $25 billion to $26 billion in the fourth quarter, with adjusted EBITDA of $25 million to $75 million. Uber is on track to meet the high end of its adjusted EBITDA target, according to Khosrowshahi.