BYLINE: John O’Brien | Updated March 19, 2019 10:02:37It was the week of the Uber craze.
The company that has revolutionized transportation around the world reached its biggest sales month ever in the U.S. on Monday, according to an analyst with market research firm Morningstar.
On Friday, Uber surpassed the record of 990,000 rides per day, set last year, according a company statement.
The company said the increase is due to an increased demand for the service and the fact that drivers are getting paid more.
On Monday, Uber posted its second consecutive week of record-breaking rides, which accounted for roughly 8.1 percent of total Uber trips in the United States, up from 6.7 percent on Monday.
The ride sharing service’s average daily ridership reached 9.7 million people.
Uber is the most valuable publicly traded company in the world.
Its stock has jumped more than 60 percent in the last year.
The surge in rides in the past week has fueled expectations that Uber will soon begin to take on rivals like Lyft, the ride-sharing company that gained notoriety for being a competitor to Uber.
The ride-share service’s market cap is now more than $80 billion, according data from market research company Streetwise.
It was worth $68.5 billion last year and could reach $100 billion by 2020, according analyst Michael Pachter.
It’s been a wild ride for Uber.
The startup has more than tripled its valuation in just a year, with its stock hitting $18 per share in January, a huge jump from the $11 per share it earned in its first quarter of 2015.
In August, the company announced plans to add a new service that would enable drivers to book rides for customers without them paying for them.
The service, which was scheduled to launch in the second quarter, is expected to launch later this year.
On Thursday, Uber CEO Travis Kalanick announced a $10 billion fund to help finance the company’s expansion.