Uber reports nearly 30 percent drop in revenue

Uber reports nearly 30 percent drop in revenue
© PHILIP PACHECO/AFP via Getty Images

Uber announced Thursday that its second quarter revenue dropped 29 percent compared to last year to $2.2 billion.

The ride-hailing giant's net loss for 2020's second quarter was $1.8 billion, an improvement compared to the $5.2 billion it lost last year during the same time frame.

The drop in revenue, however, was the steepest since the company went public in May of 2019.

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The biggest hit was to Uber's core ride-hailing feature as the coronavirus pandemic keeps many users home. Gross profit made off of rides declined 73 percent compared to last year.

Uber's food delivery service has fared much better during the pandemic.

Gross profit off of Uber Eats grew 103 percent in the second quarter.

“We are fortunate to have both a global footprint and such a natural hedge across our two core segments: as some people stay closer to home, more people are ordering from Uber Eats than ever before," Uber CEO Dara Khosrowshahi said in a statement.