Uber has reported a net loss of $1 billion for the third quarter of 2020.
The company says gross bookings are down 10% to $15 billion year-on-year with mobility gross bookings down 50%. Delivery gross bookings, meanwhile, increased 135% year-on-year.
Adjusted EBITDA in mobility was up $195 million compared with the second quarter but declined $386 million year-on-year.
In delivery, adjusted EBITDA was a loss of $183 million, representing a $49 million improvement on Q2 2020 and up $133 million year-on-year.
Overall, adjusted EBITDA for the company was a loss of $625 million, an improvement of $40 million year-over-year.
During an analyst call, CEO Dara Khosrowshahi says mobility bookings have been improving throughout Q3, highlighting the Asia Pacific and Latin America regions as leading the recovery.
He adds that as cities get moving so too do Uber bookings, with New York in October, for example, at 63% of October 2020 levels and recovering faster than public transport and taxis.
Khosrowshahi also says the company is noticing a trend towards different use cases, such as for grocery shopping, and wider use of Uber than before.
Uber for Business is seeing good growth with new enterprise accounts making up almost 40% of the company’s top 50 since March.
Summing up, Khosrowshahi acknowledges how challenging the year has been but says he’s more optimistic than ever about Uber’s future.