WHEN: Today, Friday, August 7th
WHERE: CNBC's "Squawk on the Street"
Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with Uber CEO Dara Khosrowshahi on CNBC's "Squawk on the Street" (M-F, 9AM-11AM ET) today, Friday, August 7th. Following is a link to video from CNBC.com: https://www.cnbc.com/video/2020/08/07/uber-eats-q2-earnings-coronavirus-pandemic-squawk-box.html.
All references must be sourced to CNBC.
KHOSROWSHAHI ON THE RIDES BUSINESS
THE DIRECTION IS UP, BUT IT IS GOING TO BE BUMPY. FOR PERSPECTIVE, OUR RIDES BUSINESS WAS DOWN 70% YEAR ON YEAR FOR THE QUARTER, BUT IN JULY WE RAN AT MINUS 50% OBVIOUSLY THAT'S NOT -- YOU WANT TO BE MUCH BETTER THAN THAT, BUT IT IS A CONSISTENT IMPROVEMENT. BUT IT'S A CONSISTENT IMPROVEMENT OVER THE PORTFOLIO AND ON AVERAGE. WHAT WE SEE IS WE SEE INCREASES AND THEN SOMETIMES THERE IS A LITTLE BOUNCE BACK IT'S A BUMPY RIDE, BUT THE DIRECTION IS UNQUESTIONABLY UP.
KHOSROWSHAHI ON CHINA
IT'S UNFORTUNATE HOW IT IS HAPPENING AND I'D SAY THE SPEED WITH WHICH IT'S HAPPENING AND THE PROCESS IS NOT THE KIND OF PROCESS THAT YOU WANT TO RUN. BUT I DO THINK THAT THIS IS A PART OF A PATTERN OF THERE BEING TWO DIFFERENT INTERNETS – CHINA INTERNET AND A NON-CHINA INTERNET. CHINA HAS BEEN TO SOME EXTENT – A LARGE EXTENT – A PROTECTED MARKET IN CERTAIN STRATEGIC INDUSTRIES. AND I THINK THE WEST HAS TO MAKE A DECISION AS TO WHETHER WE'RE GOING TO BE CONSISTENT THAT WAY OUTSIDE OF CHINA AS WELL. SO, I'M NOT SURPRISED THAT THIS IS HAPPENING AND THESE ARE IMPORTANT DISCUSSIONS TO BE HAD, BUT I THINK THE DIALOGUE CAN IMPROVE.
KHOSROWSHAHI ON RECOVERY
WE CAN'T PREDICT THE FUTURE, WE DON'T KNOW HOW LONG THIS CRISIS IS GOING TO GO AND ACTUALLY THE RECOVERY THAT WE'RE SEEING ALL AROUND THE WORLD AND ONE OF THE BENEFITS THAT WE SEE IN OUR BUSINESS AS WE ARE GLOBAL IS DIFFERENT FROM COUNTRY TO COUNTRY. EUROPE IS NOW DOWN, FRANCE, GERMANY, SPAIN ARE DOWN 35% OR LESS. THEY'RE STILL DOWN, BUT IT'S A CONSIDERABLE BOUNCE BACK VERSUS THE LOWS. AND EVEN DURING THIS PERIOD OF CRISIS, WHAT WE'RE SEEING IS THAT THE EATS BUSINESS IS GROWING AT UNPRECEDENTED RATES.
KHOSROWSHAHI ON UBER EATS
THE EATS BUSINESS IS GROWING AT UNPRECEDENTED RATES. EATS IS NOW AT A $30 BILLION PLUS RUN RATE. TO PUT THAT INTO PERSPECTIVE, WHEN I JOINED UBER THIS IS LESS THAN THREE YEARS AGO, THE UBER RIDES BUSINESS WAS AT $30 BILLION. SO, WE NOW HAVE AN EATS BUSINESS BUILT IN THREE YEARS, ALL ORGANICALLY, AT A $30 BILLION RUN RATE. IT'S TOP LINE GROSS BOOKINGS ARE GROWING 113% YEAR ON YEAR.
KHOSROWSHAHI ON POSTMATES
POSTMATES HAS BEEN AN INNOVATOR IN ADVANCING AND EXPANDING THE CATEGORY. SO EATS AND POSTMATES ARE NOT JUST GOING TO BE ABOUT DELIVERING FOOD, BUT THEY'RE GOING TO BE ABOUT DELIVERING GROCERY, CONVENIENCE, PHARMACY AS WELL. WE THINK THERE IS A HUGE MARKET. ANYTHING THAT YOU WANT FROM YOUR LOCAL BUSINESS OR FROM YOUR LOCAL MARKET SENT TO YOUR HOME INSIDE OF 30 MINUTES, THAT'S AN ENORMOUS BUSINESS.
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