Uber Ride-Sharing Revenue Plummets, Food Delivery More Than Doubles

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During the period ending June 30, 2020, the coronavirus pandemic continued to limit people’s travel and commuting, and to weigh heavily on Uber’s core ride-hailing business, sending gross bookings down 73% in constant currency measurements. The pandemic did drive demand for Uber’s food delivery business, however, and bookings were up 113% there.

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.

Read more at CNBC.

{Matzav.com}

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