Uber confident on profit as ride-sharing rebounds

STORY: Uber - the U.S. ride-sharing giant- is seeing a surge in demand for travel and food delivery.

It posted its highest quarterly adjusted earnings ever for the first quarter on Tuesday. It also forecast better than expected results for the current quarter.

Analysts say Uber is benefiting from its dominant position in key global markets as travel rebounds from a lull after the health crisis. The CEO said it has a clear lead in driver preference and both drivers and couriers earned record amounts of money in the January to March period.

After a tepid performance in the last two years, first quarter revenue soared 72-percent in the ride-hailing business and rose 23-percent in the food delivery unit which was slightly above forecasts.

Uber’s stock was up 8-percent in late morning trading.