Uber Raises First-Quarter Financial Outlook
Mar 7, 2022 By MarketDepth
Uber (NYSE: UBER) raised its first-quarter 2022 financial outlook on Monday after disclosing a faster-than-anticipated rebound from challenges presented by the omicron variant. The company’s stock rose over 6% amid the news.
Higher Than Anticipated
The American rideshare company now expects basic operating income on an adjusted basis to total anywhere from USD130 Million and USD150 Million within the first quarter. Though it had previously forecasted a range between USD100 million and USD130 Million. Furthermore, Uber predicts it will report “sequential improvement” in mobility and delivery segment adjusted EBITDA, quarter over quarter.
“Our Mobility business is bouncing back from Omicron much faster than we expected. Whether for travel, commuting, or going out at night, we’re seeing healthy and growing demand across all use cases, highlighting just how eager consumers are to get moving again.”CEO Dara Khosrowshahi
Additionally, Khosrowshahi said the company is preparing for its strongest travel season yet. The company revealed that airport bookings at the end of February were up more than 50% month to month. In February, Uber also reported its second operating profit for a quarter, with its food delivery division attributing to its maiden profit at a basic operating level.