Uber won a political victory with the approval of its California referendum on the status of drivers, but the pandemic continues to plague its core business: the group recorded a net loss of $ 1.1 billion in the third quarter, from after a statement released on Thursday.
Read also: Uber wins victory in California over the status of VTC drivers
The world leader in chauffeured passenger car (VTC) reservations, also saw its revenue decline 18% to $ 3.1 billion, but revenue generated by its delivery arm, which includes Uber Eats , have jumped 125% in one year, the health crisis being conducive to this type of service.
“Not surprisingly, the resumption of our 'mobility' branch continues to be directly correlated with the level of containment measures in each city.
When a city starts to move again, raw bookings start again »
Uber boss Dara Khosrowshahi noted in a conference call with analysts.
The San Francisco group, which went public last year, has never yet managed to make a profit, and the pandemic has largely slowed it down in its race to finally be in the green.
Travel restriction measures, cancellation of trips and events weigh heavily on VTCs: Uber laid off a quarter of its employees in the spring.
But the company has also invested heavily in the popular meal delivery business.
In July, it bought the Postmates app for $ 2.65 billion.
Gross bookings, mainly the amount collected before payment to drivers, fell 53% in one year to $ 6 billion for chauffeured rides, while those for deliveries were up 134% to $ 8.6 billion .
Victory over California
Uber's stock was yo-yoing in electronic trading following the Wall Street close: after rising 2.5%, it dipped into the red, falling 0.5%.
The group has indeed just won its bet to appeal to voters to settle the issue of the status of tens of thousands of drivers in California.
This state requires private driver companies to hire their drivers and provide them with social benefits due to employees.
Uber and its US competitor Lyft refused and held a referendum on Tuesday, along with other US polls.
Their alternative proposal, which includes some compensation for the drivers, was approved at 58% (72% of the votes were counted).
"This important issue is now settled in the most populous state of the country,
" said Dara Khosrowshahi.
