Uber witnessed record daily gross bookings in March, the highest monthly level in the firm’s 12-year history, as its business recovers from the Covid-19 pandemic.
The company's mobility arm, which includes its ride-hailing business, enjoyed its best month since March last year. It crossed a $30 billion annualised gross bookings run-rate, with average daily bookings up 9 per cent month-on-month, the company said in a statement to the US Securities and Exchange Commission.
Its delivery business, which more than doubled in 2020, crossed a $52bn annualised gross bookings run-rate in March, growing more than 150 per cent from a year ago.
“As vaccination rates increase in the US, we are observing that consumer demand for mobility is recovering faster than driver availability … and consumer demand for delivery continues to exceed courier availability,” the company said.
“We continue to believe that Uber is on track to reach quarterly adjusted EBITDA [earnings before interest, taxes, depreciation and amortisation] profitability in 2021,” it added.
Last week, Uber announced that it is increasing investments in incentives to improve driver availability in the near-term. It launched a $250 million stimulus aimed at improving drivers’ earnings.
"Boosted incentives and guarantees will help welcome existing drivers back to Uber and ensure first-time drivers do well as they learn the ropes," Dennis Cinelli, Uber's vice president for mobility in the US and Canada, said in a blog.
In February, Uber posted a full-year net loss of $6.76bn for 2020, 20 per cent lower than in 2019. Revenue during the period dropped 14 per cent on the previous year to $11.1bn as the company's ride sharing service registered declines in bookings due to Covid-19 restrictions and lockdowns across the world.
Uber, which is expected to announce its first quarter earnings on May 5, said it expects a “significant accrual” in costs after it reclassified its drivers as workers in the UK last month.
The company is also facing a number of other challenges including a tax case before UK authorities, the ongoing pandemic, growing competition and the ability to attract drivers, consumers and other partners to its platform, Uber said in a statement to the SEC.
UAE currency: the story behind the money in your pockets
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
The specs: 2018 Mercedes-AMG C63 S Cabriolet
Price, base: Dh429,090
Engine 4.0-litre twin-turbo V8
Transmission Seven-speed automatic
Power 510hp @ 5,500rpm
Torque 700Nm @ 1,750rpm
Fuel economy, combined 9.2L / 100km
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
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Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
