Uber signals recovery in rides as lockdown restrictions ease

Uber CEO Dara Khosrowshahi said that ride requests are now down about 70% from a year earlier, slightly lesser than April's 80% drop.
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| Updated on: 04 Jun 2020, 09:58 AM
FILE PHOTO: Ridership in Hong Kong has recovered more than 80% from its coronavirus-driven lows. (REUTERS)
FILE PHOTO: Ridership in Hong Kong has recovered more than 80% from its coronavirus-driven lows. (REUTERS)

Uber Technologies Inc said on Wednesday trip requests were gradually picking up, but still remained significantly below prior year levels, as several countries start to lift coronavirus-led restrictions.

Trip requests are now down about 70% from a year earlier, slightly lesser than April's 80% drop, Chief Executive Officer Dara Khosrowshahi said in a conference with Bank of America analysts.

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(Also read: Uber launches hourly ride booking option in select cities)

He said the company's rides business is improving on a week-over-week basis, adding that the surge in food-delivery orders at Uber Eats recorded in the first quarter, showed no signs of slowing in May, easing concerns of investors who thought it could be a one-off trend during the pandemic.

Ridership in Hong Kong, which has been one of the most successful cities in the world at containing the novel coronavirus outbreak, has recovered more than 80% from its coronavirus-driven lows, Khosrowshahi said.

(Also read: Uber India partners Delhi airport to sanitise cabs before trips)

Rival Lyft Inc also signaled a rebound in ridership on Tuesday, saying rides on its platform rose 26% in May from the previous month.

First Published Date: 04 Jun 2020, 09:58 AM IST
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