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

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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.

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Akinola
Akinola
Akinola Olusegun is a blogger and publisher of this blog, money247.com.ng. You can also check out his other blogs : segtv.com.ng (videos & news), letgoonline.com.ng (e-commerce), letgoonline.com.ng/blog (news) among others. Follow him via any or all of his social media pages to get fresh posts update.
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