ATLANTA UBAR DRIVERS

Uber’s first-quarter results come on the heels of the company’s announcement that last month that March had been the best month in the company’s nearly 12-year history, with its mobility business reporting the most bookings since the start of the pandemic and delivery demand outstripping driver supply.

ATLANTA UBAR DRIVERS

Uber on Wednesday said it had 3.5 million active drivers and food-delivery workers on its platform during the first quarter, the majority of whom work in the United States.

The $600m UK charge is a sign of the costs the company could face if it were to provide similar benefits to US drivers, a measure it is pushing for with US regulators to avoid even costlier regulation that would turn gig workers into employees. Uber has promised to be profitable on that metric by the end of the year, three months after its smaller rival Lyft, which on Tuesday said it would report sustained adjusted profits starting in the third quarter. This was lower than the expected loss of $452m, Refinitiv data showed. Uber posted an adjusted $359m first-quarter loss before interest, taxes, depreciation and amortization – a metric that excludes one-time costs, including stock-based compensation, narrowing losses by nearly $100m from the previous quarter. The company’s stock price rose slightly, by 1%, in after hours trading. She added that this may happen faster in the US, where there is widespread vaccine access and faster recovery, compared to other parts of the world.Įxcluding the $600m charge, Uber reported $3.5bn in first-quarter revenue, ahead of an average analyst estimate for $3.29bn, according to Refinitiv data.

The balance of the business will change as people come out of the pandemic moving back to a higher percentage of revenue coming from ride hailing.”

“Uber continues to forge new ground despite headwinds from the pandemic,” said Alyssa Altman, a transportation analyst at technology consultancy Publicis Sapient.

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