The Real Weak Spot in Uber's Earnings Report
Uber (NYSE: UBER) Eats was supposed to be Uber's saving grace during the pandemic.
Demand for its ridesharing services has plunged as people around the world work from home and traditional entertainment and socializing options remain mostly unavailable -- however, demand for food delivery has skyrocketed for the same reasons.
Those trends played out as expected during the second quarter. Overall revenue declined 29% to $2.24 billion, but revenue in its mobility business, which was formerly called rides, tumbled 67% to just $790 million. Meanwhile, revenue from delivery, which was previously called eats, surged 103% to $1.21 billion as demand for restaurant delivery increased.
Source Fool.com
