Uber Eats revenue from online orders was up 224% year-on-year in Q4 2020
Uber has announced that revenue acquired from online food delivery was up 224% year-on-year in Q4 2020 (19% quarter-on-quarter) to $1.36 billion, with delivery bookings rising 128%.
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This coincided with the continued rollout of the newly designed Uber mobile app, which now integrates its ride hailing and food delivery services in an attempt to incrementally increase user and revenue growth across both of its offerings. According to its financial statement, the app now drives more than 10% of Uber Eats first-time orders. Meanwhile, the number of restaurants enlisted on the Uber Eats platform rose 75% in the final quarter of 2020, indicating a huge growth in interest from both retailers and customers in this arm of Uber’s business.
Additionally, monthly active platform consumers grew 19% quarter-on-quarter to 93 million, with the average customer spending $60 per month across five or more transactions.
Despite the successes of its food delivery service, the number of people booking rides through its app has been hit dramatically by continued restrictions imposed by regional governments. Ride bookings fell 47% in Q4 2020, resulting in a 52% year-on-year decline in ride revenue over the period. High demand for delivery has therefore partly made up for the shortfall in ride hailing over 2020, however, despite Uber’s total revenue rising 13% quarter-on-quarter, it declined by 16% across the whole of 2020.