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


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.