Uber’s Pandemic Delivery Boom Fails to Offset Drop in Rides
- Revenue declined 16% to $3.17 billion in fourth quarter
- Company narrowed loss in the period, reiterates profit target
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Uber Technologies Inc. reported declining revenue in the fourth quarter, showing that demand for food delivery isn’t making up for a falloff in ridership.
Sales dropped 16% to $3.17 billion, short of an average of analyst estimates compiled by Bloomberg. Performance in Canada, Latin America and the U.S. was particularly dismal. The stock was down about 2.5% Thursday morning in New York.