Last quarter, Uber Eats made more money than its cabs

Daniel Fowler
August 9, 2020

It should be reported that the company reported a loss of US$5.24 billion 12 months earlier.

In an acknowledgment of the long-term consequences of the pandemic, Uber said this week that its own employees could work from home until the end of June 2021.

Gross delivery bookings rose 113% year over year to almost $7 billion for the quarter ended June 30.

"Our mobility business, I would describe as a tale of 10,000 cities".

"Our global geographic footprint remains a huge advantage", Khosrowshahi said.

During the company's Q2 earnings announcement, Khosrowshahi said that gross bookings in markets like Hong Kong, New Zealand were often above pre-COVID highs, indicating a sharp recovery.

In the meantime, Uber has contributed to Covid-19 response efforts, by commiting $45 million to support front-line workers, drivers and delivery people, and communities in need, such as survivors of domestic violence and people with compromised immune systems who were unable to receive their medication.

Sales fell 29% in the second quarter to $2.24 billion, ending a decade of unchecked growth.

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Homebound customers of Uber Technologies Inc more than doubled their orders from the company's food-delivery service in the second quarter but demand for ride-hailing trips only marginally recovered from pandemic rock-bottom.

Uber's global ride-hailing operations were hit hard during the coronavirus lockdowns, with bookings down 75 per cent and revenue declining 67 per cent in the second quarter.

Moreover, while the ANR (adjusted net revenue) of the entire corporation declined 33% year-over-year, it was mostly due to the mobility ANR taking a dive of 66%, $793 million.

It was in August 2014 that Uber launched Uber Eats, a food delivery service, and current CEO Dara Khosrowshahi is extremely thankful. The food delivery business on the other hand saw a rise of 162% in its ANR, a testament to the fact that Uber might be witnessing a massive shift in its business. The freight revenue of Uber saw a sharp increase by 27% to reach a valuation of United States dollars 211 million as the freight brokerage of Uber scaled up.

In July, Zomato said its revenue for the financial year 2020 (FY20) grew 105 per cent to $394 million, while loss rose about 6 per cent to $293 million.

He acknowledged that COVID-19 had something to do with that. Uber said it still meant to become profitable sometime next year.

'We think we've got a great message, ' Khosrowshahi said.

Uber also announced the acquisition of various companies to expand its business and generate sizeable revenue. Last month, following promising launches in Europe and Australia, Uber expanded grocery to the US this time in partnership with Cornershop. "This is an opportunity that will be many times larger than even we expected and one that Uber is uniquely positioned to lead".

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