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Why it matters: Like much of the world, Uber’s ride-hailing service came to a screeching halt in early 2020 as the pandemic ramped up. Share value plummeted but Uber CEO Dara Khosrowshahi never lost focus, noting at the time that in any crisis, liquidity is key. The company successfully pivoted to stay afloat, and now that we are seemingly on the cusp of a return to normalcy, Uber is ready to go.
The ride-hailing service in a recent filing with the Securities and Exchange Commission said total gross bookings in March 2021 reached the highest monthly level in the company’s history. The mobility division, which includes the ride-hailing business, posted its best month since March 2020, while its delivery business set another all-time record with growth of more than 150 percent year-over-year.
Following multiple rounds of job cuts, Uber diversified its portfolio, acquiring food delivery service Postmates for $2.65 in July 2020 and alcohol delivery startup Drizly this past February for $1.1 billion.
With vaccination rates on the rise in the US, Uber said it is “observing that consumer demand for mobility is recovering faster than driver availability, and consumer demand for delivery continues to exceed courier availability.”
Earlier this month, the firm said it was increasing incentives in an effort to boost driver availability in the near-term and remains on track to reach quarterly adjusted EBITDA profitability this year.