Uber Eats gross bookings soar to US$15.8b in first quarterBusiness | 8 May 2020 11:09 am
The ride-hailing giant Uber said Thursday, revenue in its Eats meal delivery business grew by 53 percent in the first quarter as customers shuttered at home opted to order in.
The company exited markets where its food delivery business was unprofitable, including the Czech Republic, Egypt and Honduras. But it added key accounts including Chipotle, Dunkin’ and Shake Shack, and it enabled delivery from grocery and convenience stores.
“At a time when our rides business is down significantly due to shelter-in-place, our Eats business is surging,” Chief Executive Dara Khosrowshahi, said on a conference call with investors. “The big opportunity we thought Eats was just got bigger.”
Gross bookings grew by 8 percent to US$15.8 billion, with 54 percent growth in the food delivery business and a 3 percent decline in rides, on a constant currency basis.