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Uber revenue soars in first quarter

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Ride-share company Uber records a massive jump in revenue as drivers return and bookings soar

Uber has rocketed into the year.

The ride-share company’s revenue grew 29 per cent in the first quarter, as drivers return and bookings soar.

Uber recorded $8.8 billion in revenue, roughly in line with investor expectations.

The company had $31.4 billion in gross bookings — which is the amount of money paid by customers — a 19 per cent jump from a year ago.

Uber says it is on track to generate a quarterly profit from the strength of its business operations sometime this year — continuing on the road to overall profitability.

“With our global scale and deeper local density, we are increasingly separating from smaller regional competitors both on driver preference and on the breadth of mobility products we offer consumers,” Dara Khosrowshahi, Uber’s chief executive, said in a statement.

Shares of Uber ended the day nearly 12 percent higher, with the company reporting several other figures that beat investor expectations.

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Wall Street rallies as oil prices dip and bitcoin hits new high

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Wall Street started the week on a high note, extending last week’s rally as oil prices fell and bitcoin surged to a new record.

The Dow Jones jumped 1%, reaching over 44,000, with Tesla and big banks leading gains.

Crypto stocks soared as bitcoin hit an all-time high above $82,300, driven by optimism about lighter regulation.

Investors are also focused on upcoming inflation data, which could provide more clues about interest rates.

The dollar remained near a recent peak as Federal Reserve speakers, including Chair Jerome Powell, are set to weigh in later this week.

European markets followed suit, with the pan-European STOXX 600 rising over 1% on Monday.

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Bitcoin surges to record highs post-election

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Bitcoin soared to nearly $80,000, reaching unprecedented levels following Donald Trump’s decisive presidential victory earlier this week.

This marks a significant 65.4% increase from its January low of $38,505, underscoring the cryptocurrency’s remarkable growth this year.

The surge is largely attributed to President-elect Trump’s commitment to establishing the United States as “the crypto capital of the planet,” signaling a potential shift toward more favorable regulations for digital currencies.

Investors are optimistic that the incoming administration’s pro-crypto stance will further bolster the market, potentially leading to sustained growth in the sector.

Analysts suggest that this momentum could pave the way for Bitcoin to reach even higher valuations in the near future.

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Iron ore and oil prices drop as Beijing holds back

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China’s National People’s Congress announced a $1.3 trillion plan, but it’s focused on debt, not demand.

Mining giants BHP and Rio Tinto saw share prices fall as hopes for a strong stimulus faded.

Analysts say this “recycling debt plan” won’t deliver a boost for Australia’s resource exports.

Iron ore futures dropped 3%, and oil prices fell 2% after China’s announcement.

Some Australian economists see this as a missed opportunity for mining and the broader economy.

Beijing may wait for clarity on Trump’s trade policies before introducing more aggressive stimulus.

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