UBER'S FOOD DELIVERY BUSINESS OUTSHINES CORE RIDES SERVICE

Uber’s food delivery business brought in more money during the third quarter than its signature rides business, showing just how much consumer behavior has changed — and how far the company has adapted — since the pandemic struck.

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The San Francisco-based ride-hailing company lost $1.09 billion in the three months that ended Sept. 30 as many customers were still staying out of shared vehicles.

“Without question, the (pandemic’s) impact on the world has been one of the most significant impacts of our lifetimes, and we moved quickly as a company to respond,” said Dara Khosrowshahi, CEO of Uber, in a conference call with investors last week.

Uber brought in $3.13 billion in revenue, down 18% from the same time last year. Its mobility business, which includes ride-hailing, scooters and bikes, accounted for $1.37 billion of that, down 53% from the same time last year. Despite the decline, the rides business showed improvement from the second quarter, when it brought in just $790 million.