Uber and Lyft each reported improving rideshare revenue in the third quarter compared with earlier this year, though they remain about half of what they were last year for both companies.
For Uber, third-quarter revenue from mobility gross bookings declined 53 percent year over year to $5.9 billion in the third quarter, as the number of bookings was down 50 percent year over year. Uber's total revenue was down only 10 percent year over year to $14.7 billion, as delivery revenue increased 134 percent.
Compared with the second quarter, Uber's mobility gross bookings nearly doubled, led by strength in Latin America and the Asia/Pacific region, Uber CEO Dara Khosrowshahi said in an earnings call. The United States has "been an overall drag on our global recovery," he added, though New York has been a "bright spot" with October bookings back to 63 percent of what they were in October 2019.
"We're seeing Uber recovering faster than taxis and public transit in the city, indicating a deep level of consumer trust that we believe stems from safety technology investments and the reliability of our service," Khosrowshahi said.
For Lyft, which is largely U.S.-focused, revenue in the third quarter declined 48 percent year over year to $499.7 million. That represents an increase of 47 percent compared with the second quarter, however. Lyft CEO and cofounder Logan Green said the quarter-over-quarter revenue growth came largely from more active riders, up 44 percent quarter over quarter, though a 2 percent quarter-over-quarter increase in revenue per active rider also indicated an increase in ride frequency.
"Recovery trends vary locally across North America, reflecting differences in responses to Covid-19," Green said. "Some cities have sustained wider reopenings, enabling people to be more active, while other cities have taken a more cautious approach by maintaining or re-imposing restrictions."
Uber reported a net loss of $1.1 billion for the quarter, an improvement from a net loss of $1.2 billion in the third quarter of 2019. Lyft also improved its bottom line slightly, reporting a net loss of $459.5 million for the quarter, compared with a net loss of $463.5 million in the third quarter of 2019.
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