Delivery has been a bright spot as ride-hailing struggled to rebound during the COVID-19 pandemic, and Uber UBER, -2.75% sought to boost its delivery options with the acquisition of Postmates. As it approaches a second-quarter earnings report scheduled for Wednesday afternoon, the company is adding groceries and more to its delivery of prepared foods, recently announcing partnerships with Costco Wholesale Corp. COST, +1.04%, Albertsons Cos. Inc. ACI, -0.05% and floral company FTD.
Investment research firms’ surveys show a continued upward trajectory for ride-hailing demand and spending on Uber services. According to a Cowen survey, Uber Eats’ monthly active users rose at least 2% from the previous quarter and 3% year over year. That same survey showed second-quarter order frequency climbed to all-time highs.
As for the Delta variant of COVID-19, analysts at Wedbush Securities said in a note that they expect to see “good news around underlying ride-sharing demand metrics and profitability outlook despite” it. Stock movement: Uber stock has declined following earnings in three of the past four quarters, and five of the nine reports it has made since going public. Uber shares are down 14% so far this year through Friday’s session, while the S&P 500 index SPX, -0.54% has gained more than 17%.
Rohit Kulkarni, managing director of MKM Partners, told investors in a note that Uber has “a clear pathway to delivery profitability.” Meanwhile, KeyBanc’s Edward Yruma wrote that “Uber is continuing to see positive spend vs. 2019 due to the strength in the Eats business, with 11% growth the week of 7/11.
$UBERQ
good luck
good
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Newsweek - 🏆 468. / 52 Read more »
Source: NBCNews - 🏆 10. / 86 Read more »
Source: WSJ - 🏆 98. / 63 Read more »
Source: TeenVogue - 🏆 481. / 51 Read more »
Source: NylonMag - 🏆 697. / 51 Read more »
Source: TheEconomist - 🏆 6. / 92 Read more »