The Real Weak Spot in Uber's Earnings Report
Uber (NYSE: UBER) Eats was supposed to be Uber's saving grace during the pandemic. Demand for its ridesharing services has plunged as people around the world work from home and traditional entertainment and socializing options remain mostly unavailable -- however, demand for food delivery has skyrocketed for the same reasons. Meanwhile, revenue from delivery, which was previously called eats, surged 103% to $1.21 billion as demand for restaurant delivery increased.
