Sunday, January 17, 2021
Home > News > Uber ride-sharing revenue plummets as food delivery more than doubles

Uber ride-sharing revenue plummets as food delivery more than doubles


Here’s how the ride-hailing and food delivery company did versus what Wall Street expected:

  • Losses: $1.02 per share vs. 86 cents per share (adj.) expected, according to a consensus of analysts surveyed by Refinitiv.
  • Revenue: $2.24 billon vs. $2.18 billion, as per Refinitiv

Here’s how the business units performed versus what analysts expected for the quarter:

  • Rides (gross bookings): $3.05 billion vs. $3.47 billion expected, according to estimates compiled by StreetAccount
  • Eats (gross bookings): $6.96 billion vs. $6.57 billion expected, as per StreetAccount.

On an earnings call Thursday, CEO Dara Khosrowshahi said, “The Covid crisis has moved delivery from a luxury to a utility.” He believes Uber users will continue to order food and other items through Uber delivery services even after the pandemic subsides, and stay-at-home orders are lifted.

He also said that the ride-hailing business was recovering at different rates in different parts of the world. Khosrowshahi said, “When cities move again so does Uber.” Rides were down 50% to 85% in top U.S. markets during the second quarter, he said, but in top European markets, including France, Spain and Germany, rides were only down about 35% year-over-year.

Share Button
Pls SUBSCRIBE below to our Youtube channel and mailing list to get fresh updates on money making and inspiring videos and articles.
READ  BBNaija’s Mercy Eke Buys Herself Luxurious Range Rover Velar For Turning 27
Akinola Olusegun is a blogger and publisher of this blog, You can also check out his other blogs : (videos & news), (e-commerce), (news) among others. Follow him via any or all of his social media pages to get fresh posts update.

Leave a Reply

Your email address will not be published. Required fields are marked *