Uber CEO Dara Khosrowshahi. Photo by Steve Jennings/Getty Images for TechCrunch, under Creative Commons license

Uber has announced its financial results for the second quarter of this year, reporting $2.2 billion in revenue, down 29% year-over-year, on gross bookings of $10.2 billion, down 35% year-over-year. Net loss for the quarter came at $1.8 billion, including $131 million in stock-based compensation expense. As of the end of the second quarter, Uber had $7.8 billion in cash and short-term investments on its balance sheet, as it grapples with a coronavirus pandemic that has significantly affected its business. It’s such that Uber resorted to laying off thousands during the quarter in order to curtail business losses.

During the second quarter, 737 million trips were taken on Uber, compared to roughly 1.7 billion in the same quarter last year. Uber reports having 55 million monthly active riders as of the second quarter, compared to 99 million in the same period last year. During the quarter, ride-hailing revenues fell 67% year-over-year to $790 million while food delivery revenues surged 103% year-over-year to $1.2 billion. Freight revenues also grew 27% year-over-year to $211 million. Apparently, Uber’s food delivery business has been sort of a lifesaver for the company in the midst of a pandemic.

During the quarter, Uber notably reached a landmark deal to acquire Postmates, a food delivery competitor, in an all-stock transaction worth $2.7 billion.