(Reuters Breakingviews) - It's tough being in a business that gets people places when no one is going anywhere. That’s the case for ride-hailing firm Uber Technologies, which saw second-quarter revenue fall 29% from a year earlier, it said on Thursday. True, things won’t be in this state for long – hopefully. Still Uber’s prognosis is far from all clear after Covid.
Uber sign is seen on the outside of their Greenlight Hub in the Brooklyn borough of New York, U.S., April 12, 2019. REUTERS/Shannon Stapleton
The $60 billion company’s flagship service, now called mobility, got walloped in the three-months ended June 30. Gross bookings fell 75% year-on-year to $3 billion. The delivery business, once known as Eats, fared much better. That may be the bottom of the top-line dip as people start to stir. But Uber still has some sharp turns to navigate.
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