Uber Eats grew 190 percent, but the company still can’t make a profit
Uber Eats has grown by 190 percent, yet the company is claiming $5.8 billion in losses this year. Last Tuesday, California voters passed Proposition 22 which allows companies like Uber to not give employee protections to their gig workers. This decision will ultimately save Uber millions of dollars and sent its stock soaring 15 percent, Eater reports. Still, the pandemic has caused the company’s ride-sharing business to drop nearly 52 percent. Experts suggest the company’s profits will teeter back and forth as ride-hailing services eventually recover and food deliveries start to equalize current market gains.