said on Thursday demand for its food-delivery service exploded in the latest quarter, but recovery in its global rides business is being held back by its most important market, the United States.
The company now heavily relies on cost reductions and growth at its food-delivery business, Eats, which is gradually reducing losses but remains a drag to Uber’s bottom line. Gross bookings at Uber’s rides mobility unit recovered from their massive drop in April, but remained down 50% from last year on a constant currency basis. But unlike Uber’s other units, the rides segment delivered adjusted EBITDA of $245 million.
Revenue at Uber’s delivery unit, including Uber Eats, more than doubled to $1.45 billion, its highest ever, but the unit continues to lose money despite narrowing losses over the past quarters. Overall, Uber posted a net loss of $1.1 billion in the months from July to September, including stock-based compensation expenses.
Uber missed a financial target!? 😱 NO!
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