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Uber’s delivery business is now larger than ride-hailing

Uber reported its second-quarter earnings Thursday and buried in the blizzard of less-than-rosy numbers is a stunning figure that illustrates how much the company has changed during the COVID-19 pandemic.
Uber’s delivery business — better known as Uber Eats — is now bigger than its original and core ride-hailing division, based on adjusted net revenue. Now, adjusted net revenue tells only a piece of this evolving Uber story. Income, or losses in the case of Uber’s delivery business, are also important.
Still, looking at the change of the past year, and specifically in the past two quarters, it’s clear that Uber’s strategy has shifted. And all eyes are on delivery.
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