UberEats' application on a tablet and its food delivery box are pictured during the launching event of food-delivery service UberEats in Tokyo, Japan, September 28, 2016. REUTERS/Kim Kyung-Hoon
Uber Eats is a tantalising pitch to investors ahead of the parent’s blockbuster initial public offering later this week. The three-year-old service, which counts McDonald’s and Starbucks as partners, delivered an eye-popping $8 billion of meals last year, up from $3 billion in 2017. It already claims to be the world’s largest takeout service outside China.
The company offers little detail, but those costs alone suggest Uber Eats is racking up stomach-churning losses. After paying out driver inducements, it effectively keeps less than 10 cents for every dollar of food delivered, 2018 numbers show. That’s before other costs like marketing and customer discounts. As a rough comparison, $6 billion GrubHub, a profitable U.S. rival, says it rakes in close to 20 cents.
Breakingviews mak_robyn KarenKKwok Don't break the strike, Reuters
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