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August 6, 2020 08:38 pm
Photo by Amelia Holowaty Krales / The Verge
Original Link: https://www.theverge.com/2020/8/6/21357745/uber-q2-2020-earnings-ride-eats-loss-coronavirus
Uber continues to hemorrhage cash during the pandemic despite growth in delivery
Photo by Amelia Holowaty Krales / The Verge
Uber is continuing to bleed cash during the coronavirus pandemic. The chronically unprofitable company lost $1.8 billion over the last three months, with its adjusted net revenues down 29 percent compared to Q2 of 2019. Even Uber’s successful delivery business, which saw revenues grow 162 percent year over year, wasn’t enough to buoy the company’s finances.
Gross bookings in its ride-hailing division, or the amount of money it takes in before paying drivers, fell 73 percent year over year. It’s a slight improvement over the first quarter, in which Uber’s ride-hailing business was down 80 percent. But there was no mistaking the impact of the coronavirus pandemic on the company’s core transportation business.
Meanwhile, gross bookings in...
Original Link: https://www.theverge.com/2020/8/6/21357745/uber-q2-2020-earnings-ride-eats-loss-coronavirus
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