Uber share price under pressure during after-hours trading
Uber (NYSE:UBER) confirmed last night that its losses surpassed expectations as the company stepped up its efforts to entice drivers back to the platform.
However, the online taxi service is regaining some of its momentum following the pandemic, as its revenue more than doubled compared to a year ago, while its ride-hailing service saw a 105% rise.
Uber’s revenue now stands at $3.93bn, however, its share price came under pressure during after-hours trading, shedding 6.2%.
Uber’s home delivery service is still growing at an accelerated pace, suggesting that some pandemic-induced habits, such as staying indoors, die hard.
In an effort to weather the storm of the pandemic, Uber ploughed money into its delivery services. This includes the acquisition of companies, including Drizly and Postmates.
Disputes are ongoing regarding the treatment of drivers who feel they are not being commensurated appropriately.
Uber drivers recently went on strike across the US in an effort to pressure the firm to improve their working conditions.
CEO Dara Khosrowshahi said Uber will continue to incentivise more drivers to join the platform.
The company even said it would provide a free course with Rosetta Stone through a partnership with the language learning company.
