From The New York Times:
While Uber’s ride-hailing business remains slow because of travel restrictions related to the pandemic, the company said on Wednesday that its food delivery business was booming.
Uber said its overall revenue in the fourth quarter of last year was $3.2 billion, a 16 percent decline from the previous year. Its losses for the quarter, $968 million, were a 12 percent improvement.
Ride hailing declined precipitously during the early days of the pandemic. Although there has been some recovery, Uber is still not back where it was at the beginning of 2019.
But food delivery has been a bright spot. Delivery orders were up 128 percent, while bookings for rides were down 47 percent from the fourth quarter of 2019, the company said. Uber Eats, the company’s delivery arm, brought in $1.35 billion in revenue in the fourth quarter and nearly out-earned the rides business, which brought in $1.47 billion.
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