Trending

Stories

Uber and Similar Businesses Saw a Dip in India in Q2.

Tidio Live Chat Software - Add Tidio live chat software to your website in minutes. Contact visitors and turn them into happy customers. Enhance their experience and boost your sales. Get it for Free

WP Rocket - WordPress Caching Plugin

Must Read

As India went into lockdowns amid the lethal second Covid-19 wave in the April-June period, ride-hailing major Uber saw a dip in its business, as mobility gross bookings went down significantly.

Overall, Uber’s gross bookings reached $21.9 billion in the second quarter, up 114 per cent compared to the year-ago period, the company said in a statement late on Wednesday.

Also Read

The company recorded Mobility Gross Bookings of $8.6 billion and Delivery Gross Bookings of $12.9 billion. The company announced that net income was $1.1 billion, including $272 million in stock-based compensation expenses.

“APAC was a mixed bag with New Zealand, Hong Kong and Japan growing versus July 2019, but India, Australia and Taiwan impacted by ongoing or new lockdowns,” said Nelson Chai, Chief Financial Officer at Uber, during the earnings call.

Elegant Themes - The most popular WordPress theme in the world and the ultimate WordPress Page Builder. Get a 30-day money-back guarantee. Get it for Free

Several Indian states enforced lockdowns in April-June as a deadly Covid wave hit the country. Some states later relaxed the guidelines while others extended the lockdowns.

According to Uber CEO Dara Khosrowshahi, the good news is that drivers increasingly want to get back on the road.

“In June, 60 per cent of inactive drivers told us they intend to start driving again within a month; that’s up from 40 per cent in April. And 90 per cent of drivers told us they expect to come back by September,” he said.

Khosrowshahi said that the company expects its growing ‘New Verticals’ business to increasingly benefit from, and contribute to its platform.

“Already, over 3 million consumers are ordering groceries, convenience items, alcohol and more on Uber’s apps each month, and this is before we’ve even fully addressed the US opportunity,” he informed.

Uber remains the largest global on-demand delivery platform outside of China, with more than 7,50,000 monthly active merchants on its platform.

“Our original goal was to exit this year with $100 million of ads run-rate revenue, but we now expect to surpass that goal and end 2022 with at least $300 million in run-rate revenues in high margin ads,” the Uber CEO said.

“Our platform is getting stronger each quarter, with consumers who engage with both Mobility and Delivery now generating nearly half of our total company Gross Bookings,” he added.

iThemes WordPress Hosting

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Latest

Stories

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Grow Your Business

Get these business solutions, tools and services to help your business grow.
Elementor

Elementor -Join 5,000,000+ Professionals Who Build Better Sites With Elementor. Build your website with 100% visual design that loads faster and speeds up the process of building them.

WP Rocket

WP Rocket - Speed up your website with the most powerful caching plugin in the world. The website speed increase means better SEO ranking, user experience, and conversation. It’s a fact that Google loves a fast site.

Kinsta

Kinsta - If you are looking for WordPress managed hosting, Kinsta is in the leading front. Kinsta provides WordPress hosting for a small or large business that helps take care of all your needs regarding your website with cutting-edge technology.

OptinMonster

OptinMonster - Instantly boost leads and grow revenue with the #1 most powerful conversion optimization toolkit in the world. 700,000+ websites are using OptinMonster to turn their traffic into leads, subscribers, and sales.

Related

- Advertisement -
- Advertisement -
ChatGPT Reaches 100 Million Users in Two Months Microsoft’s Teams Get OpenAI-Based Features WhatsApp New Feature that Allows Users to Create Calling Shortcuts Instagram Working On Twitter-like Paid Verification Feature OnePlus Ace 2 Specs Exposed Online Realme GT Neo 5 Full Specs Revealed  Samsung Galaxy S23 Ultra: The New Android King Twitter To End Free API February 9 MLS Season Pass Now Available On Apple TV App Tesla To Increase Giga Shanghai EV Production to 20,000 Weekly 
OpenAI Releases Tool To Detect AI-generated Text Tesla Records Double Net Profit in 2022 India to Produce Upcoming iPhones: Trade Minister Japanese Professor Developed A Power Semiconductor made of Diamond Google Releases New Product for India’s Merchants Indian EV Startup Unveil Two AutoBalancing Electric Scooters OPPO Find X6 Pro Images Render via Weibo Sony Develops New Tech to Reduce Noise of Image Sensors