Uber's UK Ride Business Reaches Pre-Pandemic Levels: FT
- Uber Technologies Inc’s (NYSE: UBER) ride-hailing gross bookings for the week beginning May 17 recovered over 80% compared to the 2019 levels across Europe in mid-May even before a wider recovery in business travel and tourism, the Financial Times reported.
- The business travel and tourism recovery will further drive the airport trips that account for a significant chunk of Uber’s business.
- Uber reported a 38% year-on-year drop in global mobility revenues for the first three months of 2021.
- Wider geographic coverage beyond big cities like London and new forms of transport, including traditional taxis, drove the sharp recovery in the U.K. and parts of Europe in May.
- Multiple lockdown hospitality restrictions eased in the U.K. during the week, adding to the gross bookings.
- Spain and Germany’s gross bookings also recovered to the 2019 levels during the week despite lockdowns.
- France, gross bookings were 70% of pre-pandemic levels for the May 24 week following lockdown ease.
- London lagged the other U.K. parts as the office workers and tourists preferred staying back.
- Interestingly, Birmingham, Manchester, and Leeds’ robust demand have started to beat Uber’s driver supply.
- Uber estimates up to 20,000 additional drivers to tap the U.K. growth.
- Uber was forced to increase incentives to bring back drivers.
- Uber is now available in over 340 cities across Europe. It engaged 17000 drivers across Europe in 2021 beginning.
- Uber’s collaboration with the traditional taxi industry helped it gain entry into cities like Spain, Austria, and Turkey.
- Price action: UBER shares traded higher by 1.55% at $50.96 on the last check Monday.
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