Uber's Highest Gear
Uber's Highest Gear
Grubhub & JOCO, new bike lanes, Paris taxes SUVs
Uber released its 2023 financial results, handedly beating estimates as the ridehail and delivery giant hit a major milestone: full year profitability.
Net income hit $1.4 billion, off of revenue of $9.94 billion, powered by gross bookings of $37.6B. (Remember December’s deep dive into take rates?)
It’s been a dramatic few years for the company, as it IPOed to great fanfare in 2019, only to have its core business hit by the pandemic. Delivery proved to be its saving grace, with rides only recently retaking dominance over food as a revenue driver.
Charting GBV in just the fourth quarter over the past five years, you can see just what a wild ride it’s been.
While Lyft doesn’t report its earnings until next week, expect to see the company still facing a longer road to profitability. With the pink moustache having thrown in the towel on delivery, and ceded 3/4 of the U.S. ridehail market to Uber, analysts are expecting Q4 revenue to come in at just $1.22 billion.
Curbivore Returns - March 28 & 29 in Downtown LA
We’re just seven weeks away from Curbivore 2024 — convening the best and brightest minds and operators pushing mobility and delivery forward — March 28 & 29 in Downtown LA’s Arts District.
If you care about delivery, mobility, curb management, local restaurants / retailing, or civic tech — this will be by far the most interesting event you go to all year.
Tickets are just $195. Register now before prices jump again!
HOT INDUSTRY NEWS & GOSSIP
Starship blasts off: Food delivery robotics startup Starship just hauled in $90 million in new funding, as its sidewalk crawlers logged over 11 million miles. While the company’s operations are known for sticking to university campuses, at least in the U.S., it appears Starship does do some off-campus operations in the towns that surround Purdue and Bowling Green State Universities. A very Midwestern future indeed!
Power to the pedalers! Grubhub and JOCO have launched two new courier lounges, aimed to make life just a bit easier for NYC’s hard working food deliverers. Grubhub reps note that the partnership is an investment of over half a million dollars that aims to increase access to safe e-bike equipment and further spread awareness on e-bike, battery, and charging safety. Grubhub workers also get an $80 per month stipend towards e-bike rentals.
Congesting congestion pricing: Like clockwork, wavering politicians seem to be doing everything they can to hurt NYC’s nascent congestion pricing roll-out. Mayor Adams is now stating he wants to see a “different version” of the program, with the city already asking the MTA to give municipal employees an exemption to the toll and other programs being setup to subsidize in-city driving. Up in Albany, the state also seems content to pour billions of new dollars into highway expansion, instead of flexing the dollars to fund transit.
West coast spokes go for broke: In LA, a bold plan to remake Hollywood Boulevard is moving ahead, featuring expanded biking and pedestrian facilities cutting the vehicle lanes down to size. 15 miles southwest, new protected bike lanes will make getting to the beach much more pleasant (or make it easy to bike from the beach to the airport, if you’re feeling truly multimodal.)
Good news down south: Atlanta City Council just voted to nix parking minimums near its up and coming BeltLine project. Austin and PBSC Urban Solutions are expanding the city’s bikeshare program, with a big boost in its e-bike share. And DC’s local leaders approved a bill that would put speed governors on the cars of repeat reckless drivers.
More delivery developments: Instacart scored a partnership with Whole Foods Canada, while DoorDash launched multiple new grocery partners owned by Ahold Delhaize USA. Meanwhile, Berlin-based Delivery Hero had a pretty meh 2024, with GMV only climbing 1.5%.
Mon coeur! Parisian voters approved a referendum to triple parking fees for SUVs, with fees rising to a maximum cap of €225 for six hours.
A few good links: LA’s permanent Al Fresco dining program has now gone into full effect. Metrolink looks to expand off-peak service to improve ridership. Lyft introduces a minimum weekly take rate for drivers. Yamaha unveils SUV-like moped for Indian market. Hear me chat about delivery robotics, startup economics and urban policy on the Euoprean Institute of Innovation & Technology’s Food Fight podcast.
P.S. Got your Curbivore ticket yet?
- Jonah Bliss & The Curbivore Crew