Uber Posts Record March Bookings, Repeats 2021 Adjusted Profit Goal

"We continue to believe that Uber is on track to reach quarterly adjusted EBITDA profitability in 2021," Uber said Monday.
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Uber Technologies  (UBER) - Get Report shares traded higher Monday after the ride-sharing group said bookings hit a record in March, adding it expects to turn a profit before the end of the year.

In a statement filed with the U.S. Securities and Exchange Commission Uber said its delivery business crossed a $52 billion annualized run-rate in March, a 150% increase from the same period last year, while its mobility business posted $30 billion annualized run-rate. Collectively, Uber said, total company gross bookings reached the highest monthly level in its near 12-year 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," the company said. "We continue to believe that Uber is on track to reach quarterly adjusted EBITDA profitability in 2021."

Uber shares were marked 4.3% higher in early trading immediately following the March update to change hands at $60.30 each, a move that would extend the stock's six-month gain to around 66.3%.

Uber has consistently said it will profitable this year, and Uber Eats has been its fastest-growing business amid coronavirus pandemic-triggered lockdowns that have sent revenues from its traditional rides business plunging.

Earlier this year, the group paid $1.1 billion for beer and wine delivery service Drizly, noting that the cash-and-stock deal will see Drizly and its 1,400 U.S. locations blended into its Uber Eats division, but will remain accessible to customers through the Drizly app.

Uber will publish is next quarterly earnings on Wednesday May 5.