Uber is still getting hammered by COVID, though things are looking slightly better

Uber is still getting pummeled by COVID-19. The company lost $1.1 billion over the last three months, with its adjusted net revenues down 20 percent compared to Q3 of 2019.

Gross bookings in its ride-hailing division, or the amount of money it takes in before paying drivers, fell 50 percent year over year. It’s grim position, but also a steady improvement over the second quarter, in which Uber’s ride-hailing business was down 73 percent year over year. But there was no mistaking the impact of the coronavirus pandemic on the company’s core transportation business. Uber brought in $2.8 billion in adjusted revenue.

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