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Uber Price Remains Near 15-Month High
Uber stock trades at a fresh 15-month high of $42.25 premarket on Friday despite having reported big losses for Q3.
Ride-sharing was the most hurt business from the pandemic as it saw a 53% plunge to $5.9bn.
On the other hand, ‘Uber Eats’ services more than doubled in Q3 amidst the pandemic as online grocery orders and takeaways increased. Uber’s food delivery business performed exemplary. The surge in the three months to September 30 reached 134% to $8.55bn, 124% better than Q3 2019.
Delivery Business Booming Amidst COVID
The company’s CEO remains confident that Uber will reverse all losses next year as demand will likely remain weak in the coming months due to the rising covid cases mainly in the US and Canada.
During a conference call, Dara Khosrowshahi, told investors “there’s a fundamental behavioral shift” in the delivery business, which he hopes will help reverse the losses of the ride-sharing busine...
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