Pressure Mounts for Lyft as Rideshare Rebound Stalls and California Shutdown Looms
Ridesharing is bouncing back slower than expected, and the delay is taking a toll on Lyft’s business and testing the patience of Wall Street. Lyft reported weak second quarter results with revenue tanking 61% y/y.
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.
Ridesharing’s Rebound is Stuck in Traffic
Ridesharing’s rebound is taking longer than expected as activity in major cities remains stagnant due to persistent fears related to the pandemic and the reimplementation of strict social distancing requirements by certain states.
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.
Uber’s Motive Behind a GrubHub Acquisition
Uber is reportedly eyeing a deal for GrubHub, a move that would likely make Uber the King of Food Delivery.