Uber losses narrow as delivery growth outpaces fall in ride-sharing
Uber's stock fell more than 3% after the bell on Wednesday as the company delivered mixed fourth-quarter earnings results, as its ride-hailing business slowly recovers and its delivery business booms. Here's how Uber did versus expectations:Loss: 54 cents per share, versus 56 cents expected, according to a consensus of analysts surveyed by Refinitiv. Revenue: $3.17 billion versus $3.58 billion expected per Refinitiv. According to a statement from Uber, the deal was valued at $1.1 billion in stock and cash combined. (The companies did not break down the portion of the deal done in stock versus cash.)cnbc.com
Benched: Major advertisers sit out Super Bowl
Budweiser and other Super Bowl regulars aren't buying ads this year, but plenty of companies on the rise during the pandemic are taking their place. The cost of a ticket to the Super Bowl for advertisers: $5.8 million for a 30-second commercial. They’ll feature plenty of stars, but like most everything in the last year, the Super Sunday spots won’t be the same. Coke, Pepsi and Budweiser, normally big Super Sunday players, are sitting on the bench this year. “These are brands that are online market spaces who have been helping connect people during quarantine,” notes Stephanie Paterik, senior editor of Adweek.
Uber Eats driver carjacked, shot in northwest Harris County, authorities say
NORTHCLIFFE, Texas – An investigation is underway in northwest Harris County after a man who said he was an Uber Eats driver was shot and carjacked, according to authorities. The Harris County Precinct 4 Constable’s Office said the incident happened around 2 p.m. in the 4000 block of Swinden Drive near Veterans Memorial Drive. Investigators said the driver was attacked by three armed men, who shot him and stole his white Chevy Malibu. The men are described as one Black man and two Hispanic men, according to authorities. Anyone with information is urged to contact the Harris County Precinct 4 Constable’s Office.
Uber agrees to buy alcohol delivery service Drizly for $1.1 billion
Uber announced Tuesday it is acquiring alcohol-delivery service Drizly for $1.1 billion in stock and cash. Following the completion of the transaction, Drizly's marketplace will be integrated with the Uber Eats app. Founded in 2012, Drizly has become the leading on-demand alcohol delivery service in the U.S. and is available in 1,400 cities. "During this time our delivery business as been growing at extraordinary rates," Uber CEO Dara Khosrowshahi told CNBC on Tuesday. After talks failed to acquire food delivery service GrubHub, Uber acquired Postmates last July.cnbc.com
Yes, there WAS good news coming out of 2020
2020 will not be remembered as a big year for good news. David asked. Despite a pandemic, Zoom has enabled Dick Pogue (right) to keep tabs on his son, David. Pogue asked, "Vaccines typically take years to develop – I mean, five, ten years. David asked, "Do you have any broader thoughts about the year 2020?"cbsnews.com
Proposal to cap delivery app fees in Chicago clears City Council hurdle
Grubhub spokesman Grant Klinzman said in a statement that the caps “are well-intentioned but counterproductive at a time when restaurants need more support, visibility and order volume than ever. They limit how restaurants — especially small and independent establishments — can effectively market themselves to drive demand, which severely impacts how many customers and orders we can bring to these restaurants.”chicagotribune.com
Uber shares surge to record as investors look past mounting losses and toward vaccine
However, while Uber's stock has erased its post-IPO losses and finally generated some gains for investors, Lyft remains almost 50% below its debut price from last year. Uber has partly offset declines in its core ride-sharing business this year through Uber Eats. Still, the delivery business lost $183 million on an adjusted basis, after a deficit of $232 million in the second quarter. The negative margin in the delivery business shrank to 16.1% in the third quarter from 26.2% in the second quarter and 59.4% in the first. WATCH: Uber's delivery growth shows better to path to profits versus mobilitycnbc.com
Stocks making the biggest moves after hours: Uber, Square, Roku, Peloton & more
The transportation company reported a loss of 62 cents per share on $3.13 billion in revenue. Square — The payments stock surged more than 7% after the company reported adjusted earnings per share that more than doubled projections. Square generated 34 cents in adjusted earnings per share, compared with 16 expected by analysts, according to Refinitiv. The company reported $910 million in net bookings for the three month period, while analysts surveyed by Refinitiv had projected $971 million. The company reported 26 cents in earnings per share on $487 million in revenue.cnbc.com
Uber's food delivery business outshines core rides service
Uber's food delivery business brought in more money during the third quarter than its signature rides business, showing just how much consumer behavior has changed — and how far the company has adapted — since the pandemic struck. Uber brought in $3.13 billion in revenue, down 18% from the same time last year. Despite the decline, the rides business showed improvement from the second quarter, when it brought in just $790 million. Uber’s food delivery business also brought in more revenue than its rides business in the second quarter, when demand for rides was even lower due to the pandemic. However, its rides business was more profitable than delivery.
’Star Wars’ vs ‘Star Trek’ rivalry continues as Mark Hamill and Patrick Stewart face-off in new Uber Eats commercial series
HOUSTON – Luke Skywalker and Captain Jean-Luc Picard have been pinned against each other once again, but this time it isn’t by “Star Wars” or “Star Trek” fans. In a new commercial for Uber Eats, a food delivery app, Mark Hamill and Patrick Stewart go head-to-head to settle what’s for dinner. The advertisement is a part of a series titled “Tonight I’ll be eating..."The pair face-off in three commercials for Uber Eats, reigniting the ‘Star Wars’ vs ‘Star Trek’ rivalry. Take a look at the commercials:
Uber Eats driver finds man’s body at apartment complex, deputies say
HOUSTON – Deputies are investigating after they said an Uber Eats driver found a man’s dead body at an apartment complex Monday. Deputies said the Harris County Sheriff’s Office and Cypress Creek EMS responded after the driver found the body at an apartment complex located at 905 Cypress Station near Rustyleaf Lane at around 12:45 a.m. According to investigators that were at the scene, the Uber Eats driver found an unresponsive black male with multiple gunshot wounds in the parking lot of the apartment complex by the dumpster. Deputies said there isn’t any suspect info or known motive. Deputies said they are hoping to find clues on nearby surveillance video.
Uber buys Postmates in $2.65 billion all-stock deal
Uber finally got its food delivery company, acquiring Postmates in a $2.65 billion all-stock deal, the ride-hailing giant confirmed Monday. Uber and its Uber Eats food-delivery division will gain ground against DoorDash, which controls about 37% of the U.S. food delivery market. That's compared with Uber Eats' 20% share before the Postmates deal. But Amsterdam-based Just Eat Takeaway.com ended up nabbing Chicago's Grubhub in a $7.3 billion deal. Uber was reportedly seeking to team Grubhub with its Uber Eats business.
Klobuchar and Democrats push antitrust regulators to scrutinize Uber's potential deal for Grubhub
Two Uber Eats delivery courier wait outside Mc Donalds fast food in Ghent, Belgium on May 14, 2020. The talks come as the coronavirus pandemic has crushed Uber's ride-sharing business but grown demand for food delivery. Representatives for Uber, Grubhub, the DOJ and the FTC didn't immediately respond to a request for comment on the lawmakers' letter. Merging Uber Eats and Grubhub would create significant anticompetitive effects, particularly at the local level, the Democrats argue. In New York City, for example, they said Uber Eats and Grubhub would have a hold on 79% of the market.cnbc.com
TV food queen Rachael Ray's virtual restaurant pop-up now serving in Houston
HOUSTON, Texas -- Food Network veteran and celebrity chef Rachael Ray is launching a "virtual restaurant" through a partnership with Uber Eats in 13 cities, and that includes Houston.Fans hoping to see Ray pour out the EVOO in person will be out of luck since the concept will have no brick-and-mortar presence. Instead, the roughly dozen dishes will be available for delivery through the popular platform.The restaurant debuted October 17, following the October 15 release of Ray's latest cookbook: Rachael Ray 50: Memories and Meals from a Sweet and Savory Life. The recipe collection features comfort food favorites and recollections from the author's remarkable career.The virtual restaurant's menu was mostly pulled from the book, but Ray pulled a few tried-and-true entrees from her file. Diners can expect buffalo pulled chicken chili with smoked blue ranch sauce, a tahini Caesar salad with za'atar croutons, and an egg tagliatelle Bolognese.abc13.com