Uber and Lyft throw cash at drivers as they ditch the apps for food delivery

Throughout most of 2020, Uber and Lyft drivers didn’t have much work due to a pandemic that kept most people at home. But as countries ramp up vaccination efforts and people start doing things outdoors again in 2021, those ride-hailing companies are optimistic about a return to business as almost usual. Problem is, many of the drivers who power those …

Uber Drivers Are Entitled to Worker Benefits, a British Court Rules

Uber suffered a major defeat in one of its most important markets on Friday when Britain’s Supreme Court, in a ruling that could threaten the future of the already unprofitable company, said a group of drivers should be classified as workers entitled to a minimum wage and vacation time. The court’s decision, the latest in …

As Delivery Matches Rides, Uber Posts $968M Quarterly Loss

Two weeks after moving to buy Drizly, Uber announced its fourth-quarter financial results, which also included full-year results for 2020. The prime highlights are year-over-year delivery bookings up nearly 130 percent as food delivery has pulled even with its ride-sharing business. Even so, Uber reported a net loss of $968 million for the quarter, a …

UBER EATS EXTENDS ITS GROWTH STREAK

Uber Eats’ business continued to accelerate in the fourth quarter as the company narrowed its losses and once again outshined its ride-sharing counterpart. Gross bookings grew 18% quarter over quarter and 128% year over year, reaching $10.1 billion in the three months ending Dec. 31. Revenue increased 224% year over year, to $1.35 billion—nearly matching ride-sharing revenue, which …

Eats, Delivery pushing Uber toward profitability

Uber’s (NYSE: UBER) earnings results, announced on Wednesday, offer a mixed bag of news. On the Rides side, business continues to struggle to escape from the COVID-19 pandemic, but the remainder of the business is showing signs of strength. That led to CEO Dara Khosrowshahi declaring on CNBC Thursday morning that profitability is within sight, perhaps by the …

Uber losses narrow as delivery growth outpaces fall in ride-sharing

Uber’s losses are narrowing as delivery growth continues to outpace a drop in ride-sharing revenue. The company reported mixed Q4 2020 earnings on Wednesday, beating expectations on loss-per-share but falling short on revenue, according to Refinitiv estimates. For all of 2020, Uber’s net losses amounted to $6.77 billion, around a 20% improvement from a staggering …

Uber To Acquire Drizly In $1.1 Billion Deal

Uber UBER +1.2% is doubling down on delivery. The San Francisco-based tech giant — best known for its ride-hailing and food delivery services — announced Tuesday plans to acquire Boston-based alcohol e-commerce marketplace Drizly in a cash-and-stock deal valued at $1.1 billion. In a news release, Uber said it would trade more than $900 million worth of stock for …

Uber plans to add alcohol delivery to Uber Eats with $1.1B acquisition

Uber on Tuesday announced its plans to acquire Drizly, a startup that offers on-demand alcohol delivery, for $1.1 billion. The move lines up with Uber’s efforts to expand its own delivery services as its ride-hailing services continue to struggle through the pandemic.  Uber expects to pay for Drizly almost entirely with shares of Uber common stock. …

Uber buys alcohol delivery platform Drizly for $1.1B

Dive Brief: Uber Technologies is buying alcohol delivery startup Drizly for about $1.1 billion in stock and cash, the companies said in a statement. Drizly’s on-demand alcohol marketplace is available in more than 1,400 cities. Bloomberg noted Drizly was valued at $73 million in 2017. Uber said Drizly will eventually be integrated with the Uber Eats app, while also maintaining …

Uber is betting even bigger on delivery

Uber is looking even more like a delivery company than a ride-hailing business. Uber announced Tuesday that it will buy Drizly, an alcohol delivery startup, for approximately $1.1 billion in stock and cash. Following the completion of the transaction,  Drizly will be integrated with the Uber Eats app, while also maintaining a separate app. The sale is …