Uber could post first adjusted profit this quarter as ride demand returns

FILE PHOTO: A screen displays the company logo of Uber Technologies Inc on the day of its IPO at the New York Stock Exchange (NYSE) in New York, U.S., May 10, 2019. REUTERS/Brendan McDermid

(Reuters) - Uber Technologies Inc could post its first profit on an adjusted basis for the current quarter, reaching the elusive milestone sooner than expected as online food ordering surges and ride bookings recover from pandemic lows.

Shares of the company, which has spent billions over the last few years on growing its business, were up about 8% in early trading on Tuesday following the upbeat profit outlook.