(WSJ) Shares of Uber Technologies Inc. rose more than 5% on Monday after the company raised guidance for the first quarter of 2022, citing ridership recovery.
Uber said that it expects adjusted earnings before interest, taxes, depreciation, and amortization of between $130 million and $150 million in the current quarter, up from previously guided $100 million to $130 million.
The ride-sharing giant said that its business bounced back quicker than expected from the slowdowns caused by the Omicron towards the end of 2021.
Uber CEO Dara Khosrowshahi said that gross bookings for airports rose by up to 50% at the end of February from January. He says the coming travel season could prove to be the company’s strongest ever.
Khosrowshahi says Uber is also experiencing a healthy and growing demand across all its operation segments. The recoveries helped the company’s trips and gross bookings to hit 90% and 95%, respectively, from the 2019 levels.
UBER: NYSE is up +5.43%.
