An Uber 'nightmare': Employees are worried after a sagging stock pushed its market valuation below DoorDash for the first time
." He noted the company had a food-delivery business that was four times greater than DoorDash in 2018. The implication was that the current regime was to blame for giving up that lead.
Khosrowshahi will likely address employees at the all-hands meeting on Tuesday. The CEO is also due to speak at a Goldman Sachs tech conference the same day. On its surface, the idea that Uber, which has both ride-hailing and food-delivery services, could be worth less a company like DoorDash with only food delivery feels counterintuitive. So is the fact that Uber's food-delivery business spans the globe, and includes stakes in international players like Zomato in India.
Part of the issue for Uber is that the company is further off from profitability than DoorDash. Last quarter, DoorDash made $113 million in adjusted earnings before interest, tax, depreciation and amortization. Uber's delivery unit lost $161 million in adjusted EBITDA . The contrast between the two companies is most apparent in the US, where Uber and DoorDash slug it out directly. Despite Uber's early lead, the company has since fallen far behind. In July, DoorDash controlled 57% of the food-delivery market in the US while Uber made up 26%, according to Bloomberg Second Measure. Between 2018 and now,
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