Uber (UBER) reported its Q2 2020 earnings after the bell on Thursday and the following are the most important numbers from the report.
- Gross bookings: $10.2 billion versus $10.4 billion expected.
- Rides gross bookings: $3.05 billion versus $3.96 billion expected.
- Eats gross bookings: $6.96 versus $6.23 billion expected.
- Losses per share: $1.02 versus $0.84 expected.
Uber’s quarter was a tale of two businesses. The ride-sharing side saw an incredible collapse of 73% compared to Q2 2019 results, as the full shock of the pandemic became clear for the company. But the delivery Eats service was up a whopping 113%.
For the quarter the company lost a staggering $1.8 billion.
“We are fortunate to have both a global footprint and such a natural hedge across our two core segments: as some people stay closer to home, more people are ordering from Uber Eats than ever before,” CEO Dara Khosrowshahi said in a statement following the report.
On the flip side, with restaurants closed to in-person dining in many states, Uber’s Eats business saw a large uptick in use.
As the pandemic took hold in the U.S. Uber, and its chief North American rival Lyft (LYFT), took drastic cost-cutting measures to firm-up the overall business like cutting roughly 14% of its workforce, or 3,700 jobs, primarily in its customer support and recruiting divisions.
Ives said he believes, “a consumer dynamic that is becoming commonplace across cities both in the US and internationally is many steering clear of mass transportation given health concerns and lack of comfort taking subways/buses and thus could be an incremental demand driver for ride-sharing vendors over the next few quarters (at least).”
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