Uber’s food delivery business overtook the main passenger services business during the quarter.
Loss of $ 1.09 billion in third quarter
This shows how the epidemic has changed the behavior of consumers and how the company has adapted itself to the changing circumstances. Uber lost $ 1.09 billion in the third quarter. During this period, the company’s income fell 18 percent to $ 3.13 billion compared to the year before. Income from the company’s traffic business declined by 53 percent to $ 1.37 billion during the year.
Outperforming passenger services business in second quarter alsoEven though the performance of the traffic business has deteriorated compared to a year ago, it has improved compared to the second quarter ie April-June. In the June quarter, revenue from this segment was just $ 79 million. The revenue of Uber Food Business increased 125 percent to $ 1.45 billion during the year. The reason for this is because of the epidemic, people go out to reduce food and increase delivery.
Uber’s food delivery business outperformed the passenger services business in the second quarter as well. Uber Chief Executive Officer (CEO) Dara Khosroshahi said in a statement that the team performed better in uncertain and difficult times.