Technology

Uber reports rides are skyrocketing as people get vaccinated

Uber said Monday that it recorded its highest monthly gross bookings in company history in March from Uber and Uber Eats as more Americans got vaccinated.

The company’s ride hailing business had its best month since March 2020 with an annualized run rate of $30 billion, up 9 percent from the month prior.

At the same time, Uber’s food delivery business reached an annual run rate of $52 billion in March.

Combined, it created the most bookings in company history.

“As vaccination rates increase in the United States, we are observing that consumer demand for Mobility is recovering faster than driver availability, and consumer demand for Delivery continues to exceed courier availability,” Uber said in a filing with the Securities and Exchange Commission.

The company announced last week that it will spend $250 million trying to entice drivers to get back on the road to meet the spike in demand.

Uber claimed in Monday’s filing that it is on track to reach profitability in quarterly adjusted earnings by the end of this year.

The company lost nearly $6.8 billion lost year.

Tags Coronavirus COVID-19 Uber

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