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Uber demand jumps as delivery grows, ride-hailing recovers

Uber saw record demand in the first quarter as its food delivery business grew while lockdowns ended and more customers hailed rides

Uber's revenue fell 11% to $2.9 billion, partly due to a $600 million charge for back payment of workers in the United Kingdom. Without that charge, Uber reported $3.5 billion in revenue, topping Wall Street's estimate of $3.27 billion.

The company reported a net loss of $108 million for the period, or 6 cents per share. Analysts had forecast a 56-cent loss.

Uber has said that demand is increasing faster than its supply of drivers. Last month, the company said it planned to spend $250 million on sign-up bonuses and other incentives to lure drivers.