Uber CEO Dara Khosrowshahi says ride-hailing will make up only 50% of the company's business moving forward as food delivery growth surges (UBER)
- Uber CEO Dara Khosrowshahi said in an interview with NDTV Thursday that Uber's business will be split "50-50" between ride-hailing and other divisions like food delivery.
- "Our delivery business is growing at rates that, frankly, I didn't think was possible, and we have doubled up on that," Khosrowshahi told NDTV.
- The coronavirus pandemic has decimated Uber's core ride-hailing business, with trips plummeting as much as 94% earlier this year and the company losing $2.9 billion last quarter.
- At the same time, food delivery has surged and Uber announced its plans to buy Postmates for $2.65 billion — even as delivery apps continue to be massively unprofitable.
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Uber's efforts to diversify outside of ride-hailing will continue for the foreseeable future, CEO Dara Khosrowshahi told NDTV in an interview Thursday evening.
"I think it's going to be 50-50," Khosrowshahi said, in response to a question about how he expects Uber's business will be split moving forward between ride-hailing and other divisions like food delivery, which has exploded during the coronavirus pandemic.See the rest of the story at Business Insider
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- Uber is buying Postmates in a $2.65 billion deal as it leans on food delivery to make up for coronavirus losses