This archive report was first published on 7 August 2020.
On August 6, 2020, Uber released its earnings report for the second quarter of 2020, revealing a significant impact from the COVID-19 pandemic.
Uber's shared-ride business revenue declined by 75% in the second quarter, resulting in a $1.8 billion loss for the company.
Despite this, Uber's delivery operations under Uber Eats saw revenues more than double to $1.2 billion, overtaking rideshare revenue in the three months ending in June.
Uber has made changes in recent months, including sealing a deal for Postmates delivery service in the US and divesting its Jump scooter and bike-sharing unit.
The company has also quit some markets, including Austria, Czech Republic, Egypt, Honduras, India, Saudi Arabia, South Korea, Peru, Romania, United Arab Emirates, Ukraine, and Uruguay.
Uber's CEO, Dara Khosrowshahi, expressed optimism about the company's recovery from the crisis, stating that they have seen signs that business has bounced back in areas where economies have opened up.
However, the company is facing a lawsuit from California for alleged wage theft by misclassifying drivers as independent contractors rather than employees.
Uber hopes to resolve the issue with a voter proposition to replace the law with a plan that keeps driver independence with some modifications.
