Aug 06, 2020
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About this Deal
With the coronavirus pandemic keeping people at home and dampening demand for ride-sharing, Uber’s UBER +4.5% mainstay business transporting people has just taken a back seat to its younger sibling, Uber Eats.
Gross bookings in Uber’s mobility rides unit slumped 75% to $3.1 billion in the second quarter while in the delivery segment, previously known as Eats, gross bookings more than doubled to nearly $7 billion, Uber said in its earnings report late Thursday. The revenue Uber made from the delivery segment also more than doubled to $1.2 billion as mobility unit revenue fell by two-thirds to $790 million.
Both measures marked the first time the company’s delivery business had topped the mobility business in size, another sign of how Covid-19 has upended consumer behavior and given a leg up to the Uber Eats app, which Uber started just over four years ago.