Uber's UK Ride Business Reaches Pre-Pandemic Levels: FT - Uber Technologies (NYSE:UBER)

Uber Technologies Inc’s 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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