Uber sees rides recovering from Covid-19 lows, banks on food-delivery biz

Uber Technologies Inc's ride service bookings slowly recovered in recent weeks as the company expects a coronavirus-related slowdown will delay the goal of becoming profitable by a matter of quarters, not years, Chief Executive Dara Khosrowshahi said on Thursday.

He spoke after Uber reported it had seen encouraging signs in markets hit by the pandemic and posted a 14% rise in revenue for the first quarter, supported by a jump in food-delivery orders at its Uber Eats business.

Khosrowshahi said stringent cost cutting, to the tune of more than $1 billion (808 million pounds) in 2020, would ensure the company stayed on