They're bleeding money and have no path to profitability. They have no competitive advantage over the various local competitors, so the moment they increase prices ( their only chance of increasing revenues enough) consumers will shift and use Bolt/Lyft/Freenow/Deliveroo/Glovo/whatever.
This can be seen in markets like Ireland, Germany, where Uber are prohibited from using their ride sharing model so are only fielding out to taxis. Free Now is already dominant in those markets as they got established while Uber was still fighting it out with legislators to go for their unlicensed model and Uber has nothing compelling to offer when it can't undercut by pushing the costs to their staff.
