Uber’s Ride-Hailing Recovery Comes Slowly With Business Down 70%
A driver and passenger wearing protective masks exit the ride sharing pickup area at San Francisco International Airport in San Francisco, California, on May 4.
Photographer: David Paul Morris/BloombergUber Technologies Inc.’s global rides business is down 70% from last year, a slight improvement from its low point in the coronavirus pandemic but an indication that recovery will come slowly.
The decline in rides continues to be at least partially offset by a food delivery boom. The Uber Eats business is more than doubling, and the gains are accelerating, Dara Khosrowshahi, the chief executive officer, said Wednesday at a virtual technology conference hosted by Bank of America. Uber intends to drive consolidation in the food delivery market and continues to look for opportunities, he said. He declined to comment on Uber’s proposal to buy Grubhub Inc., which was first reported by Bloomberg last month.