Uber is still getting hammered by COVID, though things are looking slightly better

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Uber is still getting pummeled by COVID-19. The company lost $1.089 billion over the last three months, with its adjusted net revenues down 18 percent compared to Q3 of 2019.

Gross bookings in its ride-hailing division, or the amount of money it takes in before paying drivers, fell 10 percent year over year. It’s a major improvement over the second quarter, in which Uber’s ride-hailing business was down 73 percent year over year. But there was no mistaking the impact of the coronavirus pandemic on the company’s core transportation business.

Meanwhile, gross bookings in its Uber Eats delivery business grew 134 percent year over year, thanks to increased demand for food and grocery deliveries.

It wasn’t as grim a quarter as the first three months, in which Uber’s net loss was $2.9 billion. Nor was it as bad as the second quarter. But it was a sign that widespread shutdown orders due to the pandemic and the rise in the number of COVID-19 cases in many markets, most notably the US, was continuing to depress the company’s finances.

The company did score a big win in California, where its Prop 22 ballot measure won by a large margin.

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