Why Uber Stock Surged Today
Shares of Uber Technologies (NYSE: UBER) popped on Tuesday after the ridesharing and food delivery giant reported strong second-quarter growth metrics. As of 3:25 p.m. ET, Uber's stock price was up more than 18%.
Uber's gross bookings -- essentially, the total dollar value of transactions facilitated by its platform -- rose 33% year over year to $29.1 billion. The gains were fueled by a 21% jump in monthly active platform consumers, to 122 million. People are also using Uber's network more often, which helped to drive a 24% increase in trips, to 1.87 billion.
Uber is benefiting from a recovery in demand for travel-related services. Its airport gross bookings soared 139% and constituted 15% of its total mobility gross bookings, which grew 57% to $13.4 billion. Additionally, demand for food delivery services has remained strong during the pandemic. In turn, Uber's delivery gross bookings increased 12% to $13.9 billion.
Source Fool.com
