The food-delivery business that kept Uber Technologies' earnings afloat during the peak of the pandemic is expected to show signs of strain in second-quarter results due on Tuesday as decades-high inflation crimps consumer spending.
An Uber Eats delivery bag is seen on a bicycle in Brooklyn, New York City, U.S., May 9, 2022. REUTERS/Andrew Kellyearnings afloat during the peak of the pandemic is expected to show signs of strain in second-quarter results due on Tuesday as decades-high inflation crimps consumer spending.
The slowdown could dampen any boost from a rebound in Uber's mainstay ride-hailing business that has been benefiting from the reopening of offices and a surge in travel globally. "Investors have written off food delivery as the next shoe to drop as consumers tighten up their wallets," Bernstein analyst Nikhil Devnani said, pointing to the dismal performance of Britain's Deliveroo
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