So far, Uber has lost $5.8 billion

Nicolas Read

Uber loses $2.9 billion, offloads bike and scooter business

Due to the pandemic, many businesses have lost a lot of money due to their service becoming useless. No where is that more apparent when seeing the case of Uber. The ride share app, which allows people to find rides that are quicker and more cost efficient than taxis, has seen a significant drop in sales ever since COVID-19 hit the globe, with profits only reaching $3.1 billion, down 18% compared to the same quarter last year. Although the ride share part of Uber significantly lost sales, Uber Eats, the food delivery sister app to Uber, actually increased revenue by 125% compared to last year.
Uber has not yet to fear, as the losses were well into their projections, with them losing around $1.1 billion this quarter. And with a new ballot measure that was voted on in California that actually defends Uber’s business model, stock rose up 15% on Wednesday as investors were optimistic for the company’s future.