Profitable on 40 cities, Uber says

It has been a chaotic 12 months for Uber, but one portion of its organization is a bright place: foodstuff delivery. Since launching 2 yrs ago, UberEats is currently in 200 cities and is lucrative in 40 of them, the company told CNBC.

Uber is currently competing in a crowded market, alongside GrubHub, Caviar and Amazon following its purchase of Full Foods. Meals delivery is a $100 billion-plus market, about 1 percent of the total food market, according to a study from McKinsey. Uber can be betting that the advantage in logistics from its ride-hailing business can help it produce a force into food delivery.

UberEats was in 71 cities found in March and lucrative in three of them. As of October it had been in 165 cities and lucrative in 40. Uber explained “profitable” implies that the system is paying for all costs incurred in the cities and is sending cash back to headquarters. It declined to talk about revenue numbers or even more financial details.

Read more on: http://www.cnbc.com/technology