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Uber rides take COVID-19 hit but food-delivery business doubles

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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.

The company on Thursday posted a $1.8 billion net loss from April through June, including charges related to laying off 23% of its global workforce during a period when infections of the novel coronavirus continued to spread in the United States, Uber's largest market.

Uber's second-quarter revenue fell 29% to $2.24 billion from the year prior, beating analysts' average estimate of $2.18 billion, according to IBES data from Refinitiv. Uber's ride-hailing segment remained battered by the coronavirus crisis, with revenue from the United States and Canada, its largest combined market, declining to $1.25 billion. Nevertheless, ride-hailing was the only segment generating an adjusted EBITDA profit, of $50 million.

 

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