“In the March quarter, Eats sales embarrassingly grew globally by only 12%.”
Uber’s market value fell from $117 billion to $42 billion even as rides recovered to pre-pandemic levels. Revenue doubled to $6.5 billion and the company still lost $5.9 billion in the quarter. Eats, the supposed growth engine, made $30 million in EBITDA. A decade of subsidized rides bought market share and nothing else.