Uber sees slowest recovery of US ride business, deliveries more than double

(Reuters) – Uber Technologies Inc said on Thursday demand for its food-delivery service exploded in the latest quarter, but recovery in its global rides business is being held back by its most important market, the United States.

Uber’s recovery will depend much on the course of the pandemic, with a resurgence in virus infections threatening to keep customers wary about returning outside or planning frequent trips far into 2021.

Ride bookings were dragged down by a slow recovery particularly on the U.S. West Coast, while Europe and the Middle East recovered more steadily, down only 36% from last year.

Ride-hailing customers who have returned are proving to be price-sensitive, pressuring margins in what was once Uber’s largest and most important segment.