Uber continues to hemorrhage cash during the pandemic despite growth in delivery

Photo by Amelia Holowaty Krales / The Verge

Uber is continuing to bleed cash during the coronavirus pandemic. The chronically unprofitable company lost $1.8 billion over the last three months, with its adjusted net revenues down 29 percent compared to Q2 of 2019. Even Uber’s successful delivery business, which saw revenues grow 162 percent year over year, wasn’t enough to buoy the company’s finances.

Gross bookings in its ride-hailing business fell 35 percent year over year to $10.2 billion. Most of that was in its mobility division, which fell 73 percent year over year. Meanwhile, gross bookings in its Uber Eats delivery business grew 113 percent year over year, thanks to increased demand for food deliveries.

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via The Verge – All Posts

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