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Uber shares climbed 5% Tuesday after the company's chief executive, Dara Khosrowshahi, revealed that the company had its "best week ever" last week in terms of overall gross bookings, despite growing concerns about the spread of the coronavirus' omicron variant.
|UBER||UBER TECHNOLOGIES INC.||37.26||+1.53||+4.28%|
Gross booking refers to the combined total revenue for Uber's ride-sharing and delivery businesses. Khosrowshahi emphasized that Uber's delivery business has grown three-and-a-half times larger since the company's IPO in 2019. In addition, he touted a strong recovery for the mobility segment over the last few weeks.
"Our overall mobility business continues to get closer to pre-pandemic levels," he told UBS analyst Lloyd Walmsley during a fireside chat on Tuesday. "We’re starting to inch up to call it like the 90% mark, we’re not quite there. Last week was our best week, you know, post-pandemic."
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In the third quarter of 2021, Uber reported that gross bookings reached an all-time high of $23.1 billion, up 57% year over year. Mobility gross bookings revenue for the quarter was $9.9 billion, up 67% year over year, while delivery gross bookings revenue was $12.8 billion, up 50% on an annual basis. Trips during the quarter grew 39% year over year to 1.64 billion, or nearly 18 million trips per day on average.