The first quarter was driven by growth in Uber bookings, up 24% Business and Economy News

The total value of customer spending on Uber reached .5 19.54 billion, but efficiency has declined due to revenue from spending 600 600 million on reclassification of UK workers.

Uber Technologies Inc. The delivery business reported a 24% increase in gross bookings in the first quarter driven by continued growth.

The total value of consumer spending on Uber reached .5 19.54 billion, which is higher than the average estimate of analysts compiled by Bloomberg. But performance was hampered by revenue declines, with the stock falling less than 1% in extended trading, largely due to $ 600 million spent on staff restructuring in the UK.

The ride-healing and delivery company has shrunk its integrated erosion, Uber said in a statement on Wednesday. It was $ 359 million before interest, taxes and other expenses easily beat analysts’ estimates. The loss was 6 cents a share.

The agency has cut enough in the coronavirus epidemic. It has been trying for many years to develop self-driving car technology, cutting staff and sales business with expensive prices.

Now Uber is looking for new ways for people to enter the back seat of its car. It added a new feature to the app a week ago for booking and transporting nearby Walgreens and back vaccine appointments. Total bookings from the challan business in the first quarter were 8 6.8 billion, which exceeded analysts ’expectations.

“We’re finally seeing the light at the end of the tunnel,” CEO Dara Khasrushahi told a conference with analysts on Wednesday. The phone was hosted by executives from the company’s headquarters in San Francisco, the first since the epidemic began.

Making customers comfortable by riding in strangers ’cars is just one part of the equation. When the coronavirus eliminates the need for ride-hailing, many drivers move to other jobs or stay at home. Now the company is trying to get the drivers back. Uber said last month that it would spend 250 250 million on bonuses and other incentives. It said Wednesday that the program contributed to spending growth in the first quarter.

The main alternative to Uber in the United States is Laft Inc. The financial results were announced on Tuesday. The agency said demand for ridership has returned from the previous quarter and its erosion has slowed.

As much as the epidemic hurt the rides business, it was the catalyst for Uber’s delivery operation. The company grew rapidly from food, to groceries, packages and prescriptions. On Tuesday, Uber said it would add convenience store items for delivery from GoPuff, a fast-growing start.

“We believe that consumer behavior around delivery can prove to be sticky because Uber Eats offers better products today than pre-epidemic,” Ron Josie, an equity research analyst at JMP Securities, wrote in a note to clients.

Distribution revenue rose a further 26% year-on-year to .7 1.7 billion. This is more than the triple that was a year ago.

However, Uber’s financial results were affected by a landmark ruling in the UK. Sales fell 11% to ৯ 2.9 billion. Excluding these expenses, income increased by 8%.

Driver reclassification in the UK serves as a reminder of the serious risks facing Uber’s business. Qualifying drivers for employment benefits is costly. The agency was released from voters in California in the November election, but it has faced many similar battles in the United States and around the world.

Meanwhile, Uber still needs to bring customers back to its services. One closely watched metric – the number of people using the platform per month – fell from 5% to 98 million in the first quarter, less than Wall Street’s estimate of 100 million.

Uber ended the quarter with এবং 6.55 billion in cash and equivalent, more than expected. The company did not say in a statement whether it was still on track to turn a quarterly consolidated profit later this year.

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