Motor Mouth: Uber is in full retreat
This seemingly rapid comeuppance is the result of — no surprise here — the coronavirus pandemic. Like all businesses relying on personal interaction, Uber’s ride-hailing division has been strangled by the lockdowns of such establishments as nightclubs, bars and restaurants, and the fear of contagion — being stuck in a confined space with limited ventilation. According to the Times, Uber’s revenue has “cratered” during the pandemic, dropping 29 per cent to US$2.2 billion in the second quarter. More troubling, according to CNBC, is that revenue from the company’s core Rides bu...