UBER DEMAND IN THE U.S. JUMPS AS DELIVERY GROWS, RIDE-HAILING UP

Uber saw record demand in the first quarter as its food delivery business grew and ride-hailing began to see some recovery, Dee-Ann Durbin reported for the Associated Press (AP).

The San Francisco-based company said Wednesday that its bookings jumped 24% to $19.5 billion - an all-time high, in the January-March period. That was far ahead of the $18 billion Wall Street was anticipating, according to analysts polled by FactSet.

Uber said its delivery bookings rose 166% from the same period last year. Mobility or ride-hailing bookings were down 38%, and flat compared to the fourth quarter.

But ride-hailing demand improved throughout the quarter, and by March ride-hailing demand had reached its highest level in a year, the company said.

Uber said ride-hailing demand improved further in April as the pace of vaccinations increased in the US and lockdowns ended in the United Kingdom. In some markets, including Miami and Hong Kong, ride-hailing demand was higher than 2019 levels.

Uber said demand is increasing faster than its supply of drivers. Last month, the company said it planned to spend $250 million on sign-up bonuses and other incentives to lure drivers.

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