Uber cuts first-quarter losses through autonomous vehicle sales – Link

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Known for its car travel, Uber today relies on its food delivery platform to survive the COVID-19 pandemic

Uber hopes that reducing social isolation in the United States and the United Kingdom will lead to a resumption of the declining demand for motor travel that has made the company a global mobility giant. Even so, the company still depends on the success of its food delivery service (Uber Eats) to survive the COVID-19 pandemic.

The company registered a A loss of $ 108 million In the first quarter of 2021, compared to $ 2.9 billion in the same period last year, according to the company’s balance sheet released on Wednesday, 5. The good result was due to an increase of $ 1.6 billion from the sale of standalone Uber. Automotive division, which was held in December last year.

In car travel, Uber posted a 65% decrease in revenue compared to the first quarter of 2020: from $ 2.4 billion to $ 852 million. In the delivery area, which is the sector the company has taken on, there has been an increase of 230% year-over-year: $ 527 million to $ 1.7 billion. However, revenue across all sectors decreased 11% to $ 2.9 billion.

Compared to the previous quarter, 2020, Uber sees the post-pandemic economy recovery slowly occurring. A total of 1.45 billion trips were made, a steady figure in the immediately preceding quarter of 2020 and a 13% decrease compared to the same period last year. The number of active users on the platform reached 98 million, an increase of 5% in a quarter to quarter. In all, around 3.5 million drivers used the platform during the quarter, up 4% compared to the previous quarter.

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“We are finally starting to see a light at the end of the tunnel,” Uber CEO Dara Khosrowshahi said in an audio conference with investors after the balance sheet was published. “Uber starts all the engines, as more consumers drive with us again and as we continue to expand our delivery offering.”

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About the Author: Camelia Kirk

"Friendly zombie guru. Avid pop culture scholar. Freelance travel geek. Wannabe troublemaker. Coffee specialist."

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