Uber’s recovery will depend much on the course of the pandemic, with a resurgence in virus infections threatening to keep customers wary about returning outside or planning frequent trips far into 2021.
Quarterly revenue and adjusted loss missed Wall Street expectations, but the company nevertheless affirmed its goal to be profitable on an adjusted basis before the end of 2021. FILE PHOTO: Uber's logo is pictured at its office in Bogota, Colombia, December 12, 2019. REUTERS/Luisa Gonzalez/File Photo On Thursday, company executives told analysts on a conference call that customers continued ordering food through Eats even after their cities or countries eased restrictions in response to the pandemic. But Uber Chief Executive Dara Khosrowshahi cautioned it was still to early to tell whether that would persist.
The company has also gradually reduced its stake in noncore business units over the past months. A German company in September acquired Uber’s European freight business and Uber has reportedly been seeking options for its Uber Elevate business.