Uber Technologies Inc. (NYSE: UBER) Continues to Show Innovation in Dealing with Pandemic, Government Regulations
Aug 13, 2020
- Disruptive transportation innovator Uber Technologies finds itself locked in pitched combat with the global COVID-19 pandemic as well as adverse lawmakers, battling a severe shortage in ride-hailing bookings and efforts to change the company’s business model
- Uber has responded with ongoing efforts to acquire beneficial operations that help the ride-share business to diversify its operations, resulting in good news from its food and package delivery sectors since the pandemic broke out early this year
- While Uber’s ridership has dropped off 73 percent during the pandemic, Uber Eats deliveries are up 113 percent and revenues have exceeded analyst expectations
- The company and its chief competitor, Lyft, have vowed to appeal rulings declaring the companies must begin to regard its drivers as employees rather than flexible-operations contractors
Amid the economic devastation that the COVID-19 pandemic has inflicted on many quarters, ride-share pioneer Uber Technologies (NYSE: UBER) has shown its resourcefulness by mitigating the damage through M&A activity that includes its new UberX service for delivering packages to local destinations, which has seen 3 million trips recorded since launching in early June.
The company’s strategies have kept its fortunes afloat at a time when its core ride-hailing business has seen a 73 percent precipitous fall because of people’s reluctance to travel and commute during the persistence of the global contagion. Bookings for Uber’s food delivery business were up 113 percent as a significant number of people stopped eating out and…
For more information, visit the company’s website at www.Uber.com.
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