Uber’s net revenue down 50% in Q2 of 2020

https://www.mobilepaymentstoday.com/news/ubers-net-revenue-down-50-in-q2-of-2020/
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Uber was among the brands impacted heavily by COVID-19. According to data presented by Stock Apps, the ride-sharing app’s quarterly net revenue decreased by almost 50% in Q2 of 2020, according to a press release. Although primarily known as a ride sharing app, Uber recently expanded to other services such as Uber Eats.

In March 2020 the pandemic caused Uber to decline in ride-sharing which contributed significantly to the decrease in net revenue. Uber’s global gross bookings reached a high of just over $18 billion n the fourth quarter of 2019, but dropped to just over $10 billion or 43.6% in Q2 of 2020.

In Q4 of 2019 Uber gave almost 2 billion rides worldwide which significantly dropped by more than 61% to just 737 million rides in Q2 of 2020. Uber also saw a drop of over 50% in monthly active users given that most people were working from home and didn’t need a ride sharing app.

Uber did manage to recover in all the metrics in Q3 2020 as things began to improve globally, but the numbers were no comparison to 2019 figures.

https://www.mobilepaymentstoday.com/news/ubers-net-revenue-down-50-in-q2-of-2020/