Uber has unveiled a $20 billion stock buyback program alongside a promising forecast for its third-quarter bookings, signaling robust momentum in its ride-hailing and delivery services. The company attributes this growth largely to the rapid expansion of its paid loyalty program, Uber One.
Membership in the $9.99 monthly subscription surged by 60% in June compared to the previous year, exceeding 36 million subscribers. These loyal users are vital to Uber’s profitability, generating over three times the profit of customers who use only one of its services.
To attract new members, Uber ran a week-long promotional event in May that offered discounts and deals across rides, food delivery, and groceries. This campaign successfully added around half a million new subscribers, further cementing Uber’s position in the increasingly competitive mobility and delivery markets.
Uber’s focus on deepening customer engagement through its loyalty program appears to be paying off, providing a strong foundation for future growth as it navigates evolving consumer habits and market pressures.
Leave a comment