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Uber’s food delivery business zooms ahead of mobility segment

COVID-19 continues to trouble Uber's balance sheet. The company's mobility business struggled due to lockdown restrictions in various parts of the globe. At the same time, its delivery business grew at a rapid pace, thanks to changing consumer habits. The company recorded a net loss of $1.1 billion in Q3 2020, slightly lower than the $1.2 billion it recorded in Q3 2019. While gross bookings are on an upwards trajectory, the figure for Q2 was still 50% lower than the same quarter last year. At the same time, Uber's food delivery business grew at a massive rate, and in fact generated more revenue than the rides business. Uber's mobility segment which accounts for rides, auto-rickshaws, and bikes, brought in $1.36 billion, a drop of 53% YoY. On the other hand, the delivery business brought in $1,451 billion, a growth of 125% YoY. Overall, Uber recorded revenues of $3.1 billion, down 18% year-on-year (YoY). Mobility segment continues to suffer Uber CEO Dara Khosrowshahi told investors: "Unsurprisingly, the mobility recovery continues to be directly correlated with the level of lockdown restrictions in any given city, when city start to move, so too does Uber." Rides were generally fewer in number compared to the previous year. However, the company hopes things will pick up once the public health situation improves and as people return to work and step out of their homes. US a drag on bookings: The United States has been an overall pain point for Uber's recovery plans. Khosrowshahi said that gross bookings…

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