Uber's and Lyft's operations have yet to become profitable on a net basis, and the companies decline to provide guidance of when that might happen.
Uber's delivery business, which includes restaurant food and store deliveries, emerged as the company's backbone during the pandemic. Delivery revenue saw a steady increase in the third quarter, signaling that growth in riders did not come at the expense of its Uber Eats unit. Ride bookings in the quarter remained more than 20% below third-quarter levels in 2019, but Uber said ride unit margins had returned to pre-pandemic levels.
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