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

Dara Khosrowshahi, CEO of Uber, appears on CNBC’s Squawk Box at the 2020 World Economic Forum in Davos, Switzerland on Jan,. 22nd, 2020.

Adam Galica | CNBC

Shares of Uber jumped Tuesday after CEO Dara Khosrowshahi said the rideshare company just had its “best week ever in terms of overall gross bookings.”

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

“Our overall mobility business continues to get closer to pre-pandemic levels,” Khosrowshahi said. “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.”

The stock was up more than 4% in late morning trading as Khosrowshahi spoke in a digital fireside chat hosted by UBS. The comments also sent shares of competitor Lyft up more than 2% as investors jumped on the signal that demand is increasing for ride-sharing services.

Rideshare companies and other travel stocks had been hard hit by the pandemic, seeing demand drop. But as vaccines and restrictions eased, consumers began to travel again. In its most recent earnings report, Uber reported 1.64 billion trips on the platform during the quarter, up 9% from the past quarter and 39% year over year.

Khosrowshahi’s comments also come as the omicron coronavirus variant continues to spread across the globe and officials warn of a potential winter surge in cases.

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