https Uber's Revenue Craters, as Deliveries Surge in Pandemic | Trending News

Uber’s Revenue Craters, as Deliveries Surge in Pandemic


OAKLAND, Calif. — Uber is synonymous around the world with ride hailing. But as the coronavirus pandemic shows few signs of loosening its grip, the company may become more closely associated with another business: delivery.

Uber said on Thursday that its ride-hailing business had cratered in the second quarter as people traveled less in the pandemic. The company’s revenue fell 29 percent to $2.2 billion from a year ago — the steepest decline since its initial public offering last May — as its net loss totaled $1.8 billion.

But its Uber Eats food delivery service surged, with revenue more than doubling from a year ago to exceed that of ride hailing for the first time. Revenue for Uber Eats soared to $1.2 billion, while rides came in at $790 million.

Dara Khosrowshahi, Uber’s chief executive, said in a call with investors on Thursday that the varied pandemic responses around the world had created “a tale of 10,000 cities” for the company, with business recovering in some regions and not in others.



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