Uber shares soar after CEO says company just had ‘best week ever’

Dara Khosrowshahi, CEO of Uber, appears on CNBC’s Squawk Box at the 2020 World Economic Forum in Davos, Switzerland on January 1, 2020.

Adam Galica | CNBC

Shares of Uber spiked on Tuesday after CEO Dara Khosrowshahi said the ride-sharing company just had its “best week ever in terms of overall bookings.”

Total bookings typically refer to the company’s combined bookings for both its ride-sharing and delivery businesses, but Khosrowshahi also said the ride-sharing business is recovering well.

“Our overall mobile business continues to move closer to pre-pandemic levels,” Khosrowshahi said. “We’re starting to inch up to so-called like the 90% mark, we’re not quite there. Last week was our best week, you know, post-pandemic.”

Shares were up more than 4% in late morning trading as Khosrowshahi spoke during an online digital chat hosted by UBS. Comments also send competitor shares Lyft rose more than 2% as investors jumped on the signal that demand for carpooling was growing.

Car-sharing companies and other travel stocks have been hit hard by the pandemic, as demand has fallen. But as vaccines and restrictions eased, consumers began to travel again. In it most recent earnings report, Uber reported 1.64 billion trips on the platform during the quarter, up 9% from the previous quarter and 39% from the same period last year.

Khosrowshahi’s comments also come as the omicron coronavirus variant continues to spread globally and officials warn of an winter potential increases in the cases. Uber shares soar after CEO says company just had ‘best week ever’

Sarah Ridley

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