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Uber continues to bleed in cash during the pandemic, despite the growth in labor

Uber continues to bleed in cash during the coronavirus pandemic. The chronically unprofitable company lost $ 1.8 billion in the past three months, with adjusted net sales of 29 percent compared to the second quarter of 2019. Even Uber’s successful delivery operations, which saw revenues of 162 percent year over year. grow, were not enough to the company’s finances.

Gross bookings in the ride hailing business declined 35 percent year-over-year to $ 10.2 billion. Most of that was in the mobility department, which fell 73 percent year over year. Meanwhile, gross bookings in Uber Eats’ delivery operations grew 113 percent year-over-year, driven by increased demand for food deliveries.

Develop …