Uber Q3 earnings result illustrates the continuing bad influence of the pandemic on generating revenue. Yet sometime in 2021, the business is already setting its eyes on sustainability.
The company posted sales for the quarter of $3.1 billion , down 18 percent relative to the same time last year and falling just off of Refinitiv’s analyst forecasts. The company’s income from Rides fell 53 percent and its revenue from Eats increased by 125 percent relative to one year earlier.
And in after-hours trading, Uber ‘s shares floated around.
The firm exceeded estimates when it came to losses, announcing that it lost $1.1 billion in the year. Uber lost $1.8 billion in the second quarter, and it lost a whopping $2.9 billion during the first quarter of this year. Uber lost $8.5 billion in 2019 overall. Uber has lost 5.8 billion dollars so far in 2020.
The findings of the profits came after Election Day as Californians voted to pass a voter initiative defending the pioneering Uber business strategy. It would encourage the business to keep treating its drivers, instead of just workers, as contract workers in the state.
On Wednesday, the company’s shares rose nearly 15% on reports that Proposition 22, or “Prop 22,” had passed. Prop 22 ‘s passage gave investors cause to be hopeful about how Uber will face potential obstacles in the face of other driver classification challenges.