Uber’s New Reality is that Delivery > Rides
Uber delivered mixed Q2 results, with delivery continuing to serve as a safety net while mobility recovers slower than expected.
Domino’s Pizza Rakes in the Dough
The pandemic is making the world's largest pizza restaurant by sales even stronger. In Q2, sales of $920 million and earnings of $2.99 a share grew by about 13% and 36% from a year ago, respectively. U.S. same-store sales surged 16.1% in Q2 from a year earlier. 2019’s Q2 growth was just 3%.
Uber Snags Postmates in Food Delivery Arms Race
After whiffing on a deal for Grubhub, Uber reached an agreement to acquire Postmates in a $2.65 billion deal. Postmates is the #4 player in the food delivery business, behind DoorDash, Uber Eats, and Grubhub. Wedbush analyst Dan Ives says the move is the “right acquisition at the right time.”
Power Balance in Food Delivery Shifts As Just Eat Takeaway Steals Grubhub From Uber
Grubhub is set to be acquired by Just Eat Takeaway.com for $7.3 billion following a failed attempt by Uber to purchase the food delivery company.